Research On The Effect Of Entrepreneurial Environment On The Growth Of High-tech New Ventures

With the rapid progress of science and technology, the accelerate process ofglobal economic integration and increasingly dynamic and changeable consumerdemand, environmental factors out of the enterprise become increasingly dynamic andcomplex. Market competition of enterprises has also been the transition from regionalcompetition to global competition. Enormous competitive pressures and dynamiccomplex environment makes the company must seek innovation for rapiddevelopment. The essence entrepreneurial innovation has become an importantconnotation of enterprise survival and development. Many famous scholars, includingeconomic management guru Peter F. Drucker, believe that the world has entered theentrepreneurial economy era with the main features of speed, innovative andchangeable. Entrepreneurship has an important role in promoting economicdevelopment in the region. In addition to be able to create jobs, expand exports andincrease regional areas outside the capital stock, it also has a significant role inpromoting entrepreneurship and promoting technological innovation, which can alsoenhance the overall competitiveness of a country and region.As a bridge to transform science and technology into practical productive forcesentrepreneurship and innovation activities becoming an important driving force andengine for economic development increasingly. As an important body of high-techindustry, high-tech new ventures with its outstanding, become the most dynamicgrowth of economic development. The scale, quality, condition and degree ofuniqueness resources of high-tech new ventures make an important foundation for itssmooth growth. Compared with mature enterprises, high-tech new ventures face morecomplex resource integration process. Under this circumstance, new venture shouldadapt to new environment to integrate resources and improve the performance. Butmore firms don’t acquire their given goals because of the ambiguous resource integration process and cannot find the problems in this process. Therefore, this paperconsiders the growth process of high-tech new ventures can be understood as aninitiative to adapt to the external environment and strive to improve the process ofcoping capacity of the environment. Entrepreneurial activities are the integrationprocess of entrepreneurial resources to identify, acquire, configure and use of. In thisparticular context, how to integrate resources of science and adapt to the changingexternal environment is the key to enhance the capacity growth of high-tech newventures.This article is precisely in this context, incorporated entrepreneurial environment,resource integration, growth of high-tech new ventures into a frame system for thepractice of high-tech new ventures by the review and analysis of entrepreneurshiptheory, resource-based theory, resource dependence theory and corporate growththeory in the background of the transition period. This paper explores the mechanismof the different entrepreneurial environment of high-tech new ventures and businessgrowth based on resource integration perspective.Based on the clear meaning and divided dimensions of the various elements, thispaper builds the theoretical model of the relationship between the elements and putforward relevant assumptions. Analyzed and processed survey data by SPSS19.0statistical software and underlying assumptions were validated:First, explores the mechanism of the three characteristics of entrepreneurialenvironment, that is relaxed, dynamic and complexity, to high-tech new venturesgrowth from the perspective of the entrepreneurial environment. The empirical resultsshow that dynamic entrepreneurial environment, relaxed entrepreneurial environmentand complex entrepreneurial environment were significant positive impact on thegrowth of high-tech new ventures.Second, explores the three characteristics of entrepreneurial environment(dynamic, relax, complex) effects on the four dimensions of integration of resources(resource identification, resource acquisition, resource allocation, resource utilization)mechanism from the perspective of the entrepreneurial environment. The empiricalresults show that the dynamic entrepreneurial environment has a significant positiveimpact on resource acquisition and resource utilization, but the impact on resourceidentification and resources allocation are not significant. Relaxed entrepreneurialenvironment are significant positive impact on resource identification, resourceacquisition, resource allocation, resource utilization. The complexity of the entrepreneurial environment has a significant positive impact on resourceidentification, resource acquisition, resource utilization, but the impact on theallocation of resources is not significant.Third, explores the effects mechanism of four characteristics of resourcesintegration, that resource identification, resource acquisition, resource allocation,resource utilization, on the growth of high-tech new ventures from the perspective ofthe integration of resources. The empirical results show that resource identification,resource acquisition, resource allocation, resource utilization are all significantlypositive impact on the growth of high-tech new ventures.Fourth, explores the mediating effect of resource integration on the threeproperties (dynamic, relaxed, complex) of entrepreneurial environment on the growthof high-tech new ventures by the test methods of the regression analysis mediatingeffect. The empirical results show that resource integration has partial mediatorbetween dynamic entrepreneurial environment and growth of high-tech new ventures.Resource integration has partial mediator between the relaxed entrepreneurialenvironment and growth of high-tech new ventures. Resource integration plays anintermediary role completely between the complexity of entrepreneurial environmentand the growth of high-tech new ventures.This article main innovation:First, explore the growth law of high-tech new ventures based on China’s specialsituation during the transition economies. Thus deepen particularity understanding onenterprise growth of China’s high-tech new ventures managers. To help enterprisesbetter recognize the core issue of the location and growth of the enterprise.Second, build and test the theoretical models of relationships amongentrepreneurial environment, resource integration and the growth of high-tech newventures. Thus explore the mechanism of resource integration to the growth ofhigh-tech new ventures under different entrepreneurial environments to enrich theacademic field of entrepreneurship research to some extent.Third, empirical studies have examined to achieve the intermediary role ofresource integration among the entrepreneurial environmental impact on growth ofhigh-tech new ventures. That resource integration transfers the influence ofentrepreneurial environment on the growth of high-tech new ventures. Further revealsimpact paths of entrepreneurial environment for the growth of high-tech newventures. This study is to build model of entrepreneurial environment, resource integrationand high-tech new ventures growth, explore the role path of resource integrationbetween the entrepreneurial environment and the high-tech new ventures growth,deepen the academic research of entrepreneurs in the field of entrepreneurship. Indifferent entrepreneurial environment through the effective integration of resources toenhance the level of technological innovation of the high-tech new venture, thusprovide the basis for promoting enterprises growth.