谁更受青睐:创业企业融资可得性的定性比较分析

Who are more favored? A qualitative comparative analysis of the financing availability of startup enterprises

尽管已有研究从创业企业自身出发考察了商业模式、团队特征和社会网络等因素对其融资可得性的影响,但理论发现存在诸多相悖之处。本研究改变单一变量对结果影响的分析范式,采用基于组态思维的定性比较分析方法,系统考察商业模式创新属性、团队成员多样性特征和社会网络关系强度交互形成的不同组态对创业企业融资可得性的影响。研究发现存在4种组态显著提升创业企业融资可得性。具体地,创业企业可以通过"高教育多样性*新颖型商业模式创新*强关系"组态和"高职能多样性*效率型商业模式创新"组态提升创业企业债权融资可得性;可以通过"高职能多样性*效率型商业模式创新*弱关系"组态和"高职能多样性*高教育多样性*新颖型商业模式创新*弱关系"组态提升创业企业股权融资可得性。本文为创业融资可得性研究构建起一个组态模型,特别是在以往创业融资可得性研究较为关注社会网络分析基础上引入了高管团队特征与商业模式交互作用的微观行为视角,有助于消弭已有研究争论,并且为创业企业融资决策提供战略启示。

Although the existing research examines the impact of business models, team characteristics and social network on the financing availability of startup enterprises, the theoretical findings have many contradictions. This study changes the analysis paradigm of the influence of single variables on the results, introduces the configuration perspective, and uses the qualitative comparative analysis based on configuration thinking to systematically examine the impact of configurations of business model innovation, team member diversity and relationship strength on financing availability of startup enterprises. The study found that there are four configurations to improve the financing availability of startup enterprises remarkably. Specifically, the startup enterprises can enhance their credit financing availability through the configurations of "high education diversity*novelty business model innovation*strong ties" and "high-function diversity*efficiency business model innovation". The configurations of "high functional diversity*efficient business model innovation*weak relationship" configuration and "high function diversity*high education diversity*novelty business model innovation*weak ties" enhances the equity financing availability of startup enterprises. This paper builds a configuration model for the research of the financing availability of startup enterprises. Especially, different from previous studies focusing on social network, this study introduced a micro-behavior perspective of the interaction between the team member diversity and the business model based on previous studies. It could eliminate the paradox of existing research and provide strategic implication for the financing decision-making of startup enterprises.