Publicly funded business advisory services and entrepreneurial outcomes

Given the mixed evidence for the impact of various publicly funded initiatives that aim to foster entrepreneurial activity, this paper empirically examines the efficacy of publicly funded business advisory services in relation to entrepreneurial outcomes. Based on a sample of 228 early-stage firms, of which 101 used business advisory services focused on helping companies secure 1st rounds of financing and start generating revenues, we examine the firm-level impact such services can have on sales growth, innovation, finance and alliances. We find services are positively associated with firms’ sales growth, patents, finance and alliances. We assess statistical and economic significance, and assess robustness to controls for the non-randomness of the firm's using business advisory service program, as well as endogeneity of advisors’ hours spent with firms. Other robustness checks are also included. We find significant robustness of hours spent on sales and finance, but sensitivity of the effect of hours on patents and alliances after controlling for endogeneity.     

Open source software and global entrepreneurship

This is the first study to consider the relationship between open source software (OSS) and entrepreneurship around the globe. This study measures whether country-level participation on the GitHub OSS platform affects the founding of innovative ventures, and where it does so, for what types of ventures. We estimate these effects using cross-country variation in new venture founding and OSS participation. We propose an approach using instrumental variables, and cannot reject a causal interpretation. The study finds that an increase in GitHub participation in a given country generates an increase in the number of new technology ventures within that country in the subsequent year. The evidence suggests this relationship is complementary to a country's endowments, and does not substitute for them. In addition to this positive change in the rate of entrepreneurship, we also find a change in direction—OSS contributions lead to new ventures that are more mission- and global-oriented and are of a higher quality. Together, the results suggest that OSS can boost entrepreneurial activity, albeit with a human capital prerequisite. Finally, we consider the implications for policies that encourage OSS as a lever for stimulating entrepreneurial growth.     

绿色创业导向能提高农业新创企业绩效吗

基于自然资源基础观和战略匹配理论，以“绿色创业导向—创业机会识别—企业绩效”为研究逻辑，构建绿色创业导向、创业机会识别、环境不确定性与农业新创企业绩效之间关系的理论模型，通过对301份有效样本进行实证分析，研究表明：绿色创业导向对农业新创企业财务绩效和环境绩效均有正向影响，创业机会识别在绿色创业导向与农业新创企业财务绩效和环境绩效的关系中起部分中介作用，环境不确定性负向调节创业机会识别与农业新创企业环境绩效之间的关系，并调节创业机会识别在绿色创业导向与农业新创企业环境绩效之间的中介作用。     

Government,venture capital and the growth of European high-tech entrepreneurial firms

Using a new European Union-sponsored firm-level longitudinal dataset, we assess the impact of government-managed (GVC) and independent venture capital (IVC) funds on the sales and employee growth of European high-tech entrepreneurial firms. Our results show that the main statistically robust and economically relevant positive effect is exerted by IVC investors on firm sales growth. Conversely, the impact of GVC alone appears to be negligible. We also find a positive and statistically significant impact of syndicated investments by both types of investors on firm sales growth, but only when led by IVC investors. Our results remain stable after controlling for endogeneity, survivorship bias, reverse causality, anticipation effects, legal and institutional differences across countries and over time and are stable with respect to potential non-linear effects of age and size of entrepreneurial firms. Overall, our analysis casts doubt on the ability of governments to support high-tech entrepreneurial firms through a direct and active involvement in VC markets.     

创业生态系统中的政府治理：新创企业成长视角

政府参与和市场调节相结合是现代经济社会的现实选择，政府参与并因情施策对于创业生态系统的健康发展和新创企业的成长至关重要。本文以杭州梦想小镇为例，运用治理理论，采用叙事分析法研究了政府在加速新创企业成长期间所扮演角色的动态演化和作用机理。研究显示：政府作为创业生态系统的主体之一，通过其代理机构的市场化的运作机制，经历了混合型、渐变式的动态演化过程，具体包括孵化期的科层治理、成长期的网络治理和腾飞期的市场治理，由此形成了“政府引导+市场主导”的双重、渐变治理机制，助力新创企业的成长。同时，政府在加速新创企业成长中所起到的作用呈现了多元性和不可或缺性。     

创业资源整合、组织协调与新创企业绩效的关系

文章在文献分析和理论推导基础上,提出了创业资源整合、新创企业绩效和组织协调关系的假设模型,并通过对223份新创企业问卷数据的实证分析检验假设模型。研究结果表明:创业资源内聚和创业资源耦合都对新创企业绩效具有显著正向影响,权威协调对创业资源整合(包括创业资源内聚和创业资源耦合)与新创企业绩效的正向关系具有完全正向调节效应,而信任协调对创业资源整合(包括创业资源内聚和创业资源耦合)与新创企业绩效的正向关系具有准正向调节效应。     

创业机会、雇佣合约与员工离职创业研究

分析了持有机会员工的离职创业决策行为。研究表明,创业机会经济价值大小的适度分布是构成"持有机会的员工并非都从事创业活动"这一普遍事实背后更深层的原因。     

精益创业对创业拼凑的影响研究

精益创业能够帮助新企业实现快速成长,是兼具理论前沿性和实践价值的新兴话题,目前学界对于“新企业如何实现精益创业”和“精益创业如何指导新企业摆脱资源约束”仍知之甚少。本文基于效果推理理论和个体动机理论,构建了精益创业、创业者反馈寻求、创业拼凑和创业激情之间的关系模型,并以新企业创业者为调查对象,通过问卷调查得到204份有效问卷进行实证分析。研究结果表明：精益创业对创业拼凑具有正向影响,创业者反馈寻求在精益创业与创业拼凑的关系中起中介作用,创业激情正向调节精益创业与创业者反馈寻求之间的关系。     

双元知识整合、创业能力与高技术新企业绩效

基于知识基础理论和组织双元观,本文以转型经济情境为研究背景,深入揭示双元知识整合、创业能力与高技术新创企业绩效之间的关系。来自279家中国高技术新创企业实证分析结果表明：双元知识整合对高技术新创企业绩效和创业能力均具有积极影响。此外,创业能力在双元知识整合与高技术新创企业绩效间关系中具有完全中介作用。本研究有助于拓展和深化了知识基础理论,弥补现有研究空白并推动知识基础理论和创业能力理论的发展和融合。在实践方面,本研究为转型经济情境下高技术新创企业如何高效、灵活地整合创业知识以构建创业能力从而提升绩效提供重要的理论指导。     

When do incumbents learn from entrepreneurial ventures?: Corporate venture capital and investing firm innovation rates

In this paper, we focus on the potential innovative benefits to corporate venture capital (CVC), i.e. equity investments in entrepreneurial ventures by incumbent firms. We propose that corporate venture capital programs may be instrumental in harvesting innovations from entrepreneurial ventures and thus an important part of a firm's overall innovation strategy. We hypothesize that these programs are especially effective in weak intellectual property (IP) regimes and when the firm has sufficient absorptive capacity. We analyze a large panel of public firms over a 20-year period and find that increases in corporate venture capital investments are associated with subsequent increases in firm patenting.     

R&D strategies and entrepreneurial spawning

This paper analyzes how different R&D strategies of incumbent firms affect the quantity and quality of their entrepreneurial spawning. When examining entrepreneurial ventures of ex-employees of firms with different R&D strategies, three things emerge: First, firms with persistent R&D investments and a general superiority in sales, exports, productivity, profitability and wages are less likely to generate entrepreneurs than firms with temporary or no R&D investments. Second, start-ups from knowledge intensive business service (KIBS) firms with persistent R&D investments have a significantly increased probability of survival. No corresponding association between the R&D strategies of incumbents and survival of entrepreneurial spawns is found for incumbents in manufacturing sectors. Third, spin-outs from KIBS-firms are more likely to survive if they start in the same sector, indicating the importance of inherited knowledge. These findings suggest that R&D intensive firms are less likely to generate employee start-ups, but their entrepreneurial spawns tend to be of higher quality.     

基于雇佣合约视角的员工离职创业研究

基于创业机会属性和雇佣合约的视角,分析了员工离职创业的原因;指出给定创业机会的属性时,既有企业的员工做出离职创业的抉择,是既有企业制定的雇佣合约工资和员工理性选择共同作用的结果。     

“情绪-行为-绩效”视角的创业激情研究

   “激情创业,理性行动”已成为创业实践领域的共识,也是提升创业成长水平的重要手段。基于“Affect-Behavior-Output”分析框架构建了创业激情对新创企业绩效作用机理模型,并分析失败事件学习在其中的调节作用。通过对225份创业者问卷数据分析结果显示：（1）创业激情有助于提升创业者的资源拼凑行为;（2）创业者的资源拼凑行为有助于提升新创企业的绩效表现,且创业资源拼凑行为在创业激情与新创企业绩效之间起到中介作用;（3）失败事件学习正向调节创业激情与创业资源拼凑以及创业资源拼凑与新创企业绩效之间的关系。     

新企业战略倾向对创业学习的影响研究

本文基于中国创业活动实践提炼新企业的创业战略倾向,即冒险型战略倾向和前瞻型战略倾向,深入探究这两种战略倾向对创业学习的内在影响,以期提高我国新企业的创业学习效率和效果。同时引入环境动态性作为调节变量,探究其在两种战略倾向与创业学习之间的调节作用,以期深入揭示中国创业环境情境对创业学习的内在影响。通过对吉林省、福建省和北京三地332份样本数据进行分析,结果显示冒险型战略倾向和前瞻型战略倾向均对创业学习具有显著积极影响;环境动态性在冒险型战略倾向与创业学习之间具有显著正调节作用,而在前瞻型战略倾向与创业学习之间具有显著负调节作用。     

创业失败学习与国际新创企业后续创新绩效

失败经验是一种宝贵的创业经验,可为后续创业活动提供具有高价值的隐性知识,提高了企业后续创新绩效。基于知识管理理论和组织学习理论,立足于创业失败学习与国际新创企业后续创新绩效之间的关系,构造了一个多重中介模型探究了创业失败学习、知识库、知识应用对国际新创企业后续创新绩效的作用机制。本文采用问卷调研法,以198份具有创业失败经验的国际新创企业作为样本,通过spss21.0 软件和Mplus7.0软件,对模型加以验证。结果表明：第一：创业失败学习与国际新创企业后续创新绩效具有显著的相关关系;第二：知识库和知识应用在创业失败学习和创新绩效之间起链式中介作用;第三：在考虑了知识库和知识应用的情况下,创业失败学习与创新绩效之间的关系不显著。研究模型打开了创业失败学习和后续创新绩效间的黑箱,对于创业者更好的进行创业失败学习以促进企业后续创新发展带来了一定的启发。     

基于百度搜索引擎的创业网站优化策略研究

随着搜索引擎运用的不断普及以及网购形式接受度的日益增高,通过网络方式进行低成本、高效率的企业商品宣传和销售正成为个人或小团队创业者所追求的目标。为此,如何对电子商务网站进行搜索引擎优化,用以在节省成本的同时提高网站的用户友好度和宣传效率,这一问题已经受到人们的广泛关注。本文则以国内小型民营创业型网站为例,探讨了基于百度搜索引擎优化的若干思路、技术和策略。     

创业网络关系嵌入对新创企业成长关系研究 ——创业学习的中介作用

社会网络关系为创业者习得储备知识和创业经验提供了大量资料来源,对新创企业的发展有着直接或间接影响,而知识获取来源、方式的各异也对企业成长绩效存在一定影响,故本研究沿袭社会网络中的逻辑思路,从向谁学、怎么学、学习结果如何层层递进关系中构建创业网络关系强度和信任、创业学习与新企业成长的关系模型,并分别就创业认知学习、创业体验学习和创业实践学习的中介效应做出探讨。据此,本文收集656份新创企业问卷数据,对理论假设采用结构方程模型进行实证检验。研究结果表明：（1）创业网络关系强度正向影响新创企业绩效;（2）网路关系的强度和网络信任影响着创业者对获取知识不同途径的选择;（3）创业认知学习、经验学习、实践学习三种学习方式,在创业网络关系嵌入与创业成长的关系中发挥部分中介作用,尤其创业经验对新创企业成长绩效有显著影响。     

创业拼凑与科技型小微企业创业绩效研究：基于先前经验的视角

资源约束是科技型小微企业创业过程中面临的普遍问题,因此探索突破约束并实现企业快速成长的途径成为创业领域研究的热点。本文基于企业资源观和人力资本理论视角,构建了创业拼凑、先前经验以及科技型小微企业创业绩效三者之间的概念模型,并利用结构方程模型对317家科技型小微企业调研数据进行了实证分析,由此得出了相应的结论：（1）创业拼凑、先前经验与科技型小微企业创业绩效正相关;（2）创业拼凑分别与创业经验、行业经验和工作经验正相关;（3）创业经验、行业经验在创业拼凑与创业绩效之间起中介作用,但工作经验未在创业拼凑与创业绩效之间起中介作用。     

创业者的关系强度、自我效能感与创业绩效关系的实证研究

创业者的社会网络关系与自我效能感是影响初创企业绩效的重要因素.本研究通过调查问卷方式收集中国企业孵化器在孵企业及创业者数据,运用结构方程模型,对科技创业者的社会网络关系强度、创业自我效能感与科技型初创企业绩效之间关系进行了实证研究.研究发现:科技创业者的强关系对初创企业绩效具有显著的正向影响;弱关系对初创企业绩效的影响并不显著;强关系与弱关系对创业自我效能感均有显著的正向影响;科技创业者的创业自我效能感对初创企业绩效具有显著的正向影响.     

The evolution of equity crowdfunding: Insights from co-investments of angels and the crowd

Equity crowdfunding platforms are at the center of the digital transformation of early-stage venture funding. These digital platforms were originally heralded as a democratizing force in early stage finance, due to their role in facilitating the exchange between entrepreneurs and a multitude of non-professional small investors (“the crowd”). Equity crowdfunding platforms have experienced considerable growth and now attract professional investors including business angels. The presence of angels alongside the crowd on equity crowdfunding platforms has raised questions whether these digital platforms can continue to play their role in democratizing access to capital. Using data from a leading equity crowdfunding platform, we examine the interplay between the investment decisions of angels and the crowd. We find evidence of information flows in crowdfunding platforms between angels, and from angels to the crowd. We find angels play an important role in funding of large ventures, whereas the crowd not only fill the funding gaps for such large ventures but also play a pivotal role in the funding of small ones. The complementarity between angels and crowd investors seems to increase the overall efficiency in an otherwise highly asymmetric and uncertain market, confirming that digitization can indeed bring important benefits to venture investment.