| New business has become the most successful factor to develop the high-tech industry, and it is significant to promote technology advancement and the Quality of Economic Growth. There is an important role to increase economic development of a state or an area.During the study of new business financing, some problems are deserved to consider, that is, why some entrepreneur can acquire capital to create new value successfully, but others not?which factors influnce financing of new venture? Why entrepreneur prefer some financing schemes, but other not? Why some founders utilize fund to have ideal performance, but other not ? what factors influence the financing choice of start-ups?There is no correct explaination for that. Comparement with large firm, entrepreneur is the most active productive factor. On the sequence of creanting new venture, there is the fact that the entrepreneur not other investors build the new firm. Giving the review of current literature and new business development practice, we find such a clue: capital is the fundament resource to create a firm, entrepreneurial characteristics is the core contractant that lead to choice of new venture's financing scheme. Prior knowledge and education of founder are the observable symbol of higher human capital. And the need to power, to achievement and to affiliate can motive entreprenrur to begin a cause and raise more capital with a suitable style. Simultaneity, good financing scheme will lead to high performance. Then we find that entrepreneur is the key factor to the financial choice. The reasench on the relationships, between entrepreneurial characteristics and financing scheme, entrepreneurial characteristics and performance, and financing scheme and performance, can reveal the essence of strat-up financing.Although certain theoretical and practical research on the financing of new business have been developed with plenty of achievement. The research about the relationship among entrepreneurial characteristics, financing scheme and performance based on new business need studying further. So this paper builds the conceptual model of entrepreneurial characteristics, financing scheme and performance operating within new business; and analyzes the relationships among these essentials and points out hypotheses; examines the conceptual model and hypotheses through empirical analysis; discusses the empirical result and the significance in theory and practice. This paper includes following parts.Firstly, reviews the relative literature about entrepreneur, financing and performance of new venture and evaluates the contribution and shortage, based on this, summarizes the key factors this paper will analyze.Secondly, builds the conceptual model of the characteristics entrepreneur, financing scheme and performance of new firms operating within new business. Taking the current literature for reference, this paper divides financing scheme into three dimensions: debt, external equity and internal equity; divides characteristics of entrepreneur into two dimensions: competency and motivation.Thirdly, based on the theoretical analysis, puts forward 12 hypotheses about the influences of characteristics of entrepreneur on financing scheme, characteristics of entrepreneur on performance of new venture,and financing scheme on performance of new venture.Fourthly, theoretical model and hypotheses we put forward are tested using SPSS and AMOS software. The data are obtained from questionnaire of 371 enterprises within Changchun Economic Development Area and High and New Technology Development Area. Results of the test indicate that the model is well supported and 10 out of 12 hypotheses are supported.Finally, a discussion is made on the test results, which further makes it clear that out research is of great importance both in theory and practice. We analyses the significance of hypotheses, which are supported and analyses the cause of hypotheses those are not supported according to the special development background of Chinese new ventures. Then put forward some advice about how to building competency and motivation of founders, supply more financial capital for new business, etc.The basic conclusions of the dissertation are as follows: Entrepreneurial competency is related positively with debt financing and internal equity financing respectively, is related negatively with external equity financing; entrepreneurial motivation is related positively with debt financing and internal equity financing respectively; entrepreneurial motivation is related positively with performance of new business; debt financing, external equity financing and internal equity financing is related positively with performance of new firm respectively, and internal equity financing strengthen the positive influence between entrepreneurial motivation and performance of venture...
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