创始人网络投入对初创企业融资可得性影响机理研究

The Effect of Founder's Network Investment on Fund Availability for Start-up Enterprises

融资难是初创企业发展过程中普遍面临的问题,如何有效提升初创企业的融资能力备受理论界和实务界的关注。本文通过对129位企业创始人的问卷调查,探究创始人网络投入对初创企业融资可得性的影响及其机理。研究发现:(1)创始人无形资源投入对企业融资可得性有显著的促进作用,有形资源投入对融资可得性促进作用较有限;(2)创始人网络投入通过构建网络结构实现企业融资可得性,其中,创始人网络强度对网络投入提高初创企业融资可得性起到了中介作用,创始人网络规模的中介效应不显著。研究结果从网络投入的动态视角证实了社会网络对企业融资的重要作用以及网络结构在创始人网络投入与企业融资可得性之间的中介效应。

Financing difficulty is a common issue for start-up enterprises in the course of business process. Therefore, improving financing capability has caused many concerns. Based on social network theory, this paper surveyed founders from 129 start-up enterprises and analyzed the relationship between founder＇s social network investment and fund availability. The results show that founder＇s intangible resource investment in network construction has a positive impact on fund availability, while tangible resource investment has a limited impact; founder＇s network strength is a mediator in the relationship between intangible resource investment and fund availability, while founder＇s network size doesn＇t have significant mediation effect. This research starts from dynamic view of network investment and confirms the important role of social network as well as network structure＇s mediation effect between resource investment and fund availability.