The Empirical Research On The Resource Endowment Of Entrepreneur Team On Attacting Venture Capital

Since the application of innovative and entrepreneurial strategy in our country,the tide of innovation and entrepreneurship has been raised all around the country.However,startup enterprises are often confronted with resource dilemmas,thus the survival rate is low,which is called “liability of newness”.So it is an important milestone event for startup enterprises to attract venture capital in its growth process.Yet capital is the scarce and valuable resource in the economy system.Venture capital firm chooses entrepreneur team cautiously when selecting investment target and making decisions.Besides,China is a transition economy country,government and market both play certain resource allocation function in transition economy,which requires the entrepreneur teams have different resource endowment(human capital and social capital)to meet the dual requirements of government and market.And whether the entrepreneur team has enough resource endowment to guarantee its survival and development would directly influence the final decision of venture capital firm.Therefore,based on above research background,the dissertation concentrates on exploring the relationship between the resource endowments of entrepreneur team and attracting venture capital for enterprises.There are abundant researches on the impact of the resource endowment of entrepreneur team to startup enterprises,but mainly focus on the aspects of enterprises' survival,development and performance.The research relating to the influence of venture financing is few.The existing minority researches about the specific subject mainly focus on two aspects.First,human capital of entrepreneur team affect positively on enterprise financing;second,social capital of entrepreneur team helps to relieve the financial distress of startup enterprises,and it is relatively easy to get the external founding support.But we found that the current researches mainly investigate the effect of human capital and social capital on start-up enterprises financing separately,which regardless the comprehensive impact of human capital and social capital.What's more,the research integrating these two aspects and specially focusing on the financing method of venture capital is fewer.Therefore,to make up these reseach gaps,the dissertation discusses the impact of these two capitals on attracting venture capital for enterprise.Based on the four theories of resource based view,social capital theory,upperechelons theory,and signal theory,the dissertation takes 448 ChiNext listed enterprises during 2009 to 2015 as research objects,and systematically discusses the impact of entrepreneur team on attracting venture capital by utilizing STATA12 and hierarchical regression analysis.In addition,it investigates the moderating effect to the relationship of these two aspects from three situational factors of institutional environment,market competition and industry.The conclusions and contributions are as follows:Firstly,the dissertation respectively discusses the impact of human capital,social capital and the joint effect of them on attracting venture capital for enterprise.The study shows that both human capital and social capital play positive influence on attracting venture capital.And it demonstrates that overall effect in joint effect has significant influence on attracting venture capital;and the interaction effect between different resource endowments is not significant under the whole sample,which is different from other research results.Secondly,under different institutional environment,the resource endowment of entrepreneurial team has different effects on attracting venture capital.Compared with the favorable institutional environment,the positive effect of human capital on attacting venture capital investment has more significant in the hostile institutional environment.Compared with the hostile institutional environment,social capital has a relatively signifiancant positive effect on attracting venture capital under a favorable institutional environment.Under a hostile institutional environment,the positive impact of human capital on attracting investment risk of venture enterprises is greater than the social capital;under a favorable institutional environment,the positive effects of social capital on attracting venture capital is greater than human capital.Compared with the hostile institutional environment,overall effect of entrepreuership team resource endowment on attracting venture capital is more significant under a good institution environment.In the areas with relatively poor institutional environment,there is complementary effect between the resource endowments of entrepreneur teams.Thirdly,with different market competition,the influence of the resource endowment of the entrepreneurial team on the venture capital investment is different.Compared with less market competition,human capital has a more positive effect on venture capital attracting venture capital in fierce market competition.Under thesituation of fierce market competition,as for attracting venture capital for enterprise,the effect of human capital is greater than social capital;under the situation of less fierce market competition,in terms of attracting venture capital for enterprise,there is no significant difference between human capital and social capital.Compared with the situation of less fierce market competition,the overall level of resource endowment of entrepreneur team and attracting venture capital for enterprise is more signifant in more fierce market competition.Fourthly,in different industry,the resource endowment of entrepreneurial team has different effects on attracting venture capital.Compared with service industry,human capital has greater impact on attracting venture capital in manufacturing industry.Compared with service industy,the overall level of enterprise resource endowment of entrepreneur team is more important to attract venture capital for enterprise in manufacturer industy.