Chinese Entrepreneurship And Firm Performance

The implementation of the national strategy of innovation-driven development is of great significance for my country to form new advantages in international competition and enhance the long-term momentum of development.It is also of practical significance for my country to improve the quality and efficiency of economic growth and accelerate the transformation of economic development mode.Entrepreneurship is not only an important factor in corporate innovation and performance growth,but also the internal driving force of economic innovation-driven development.In September2017,the Central Committee of the Communist Party of China and the State Council of China jointly issued the "Opinions on the Role of Enterprises in Creating an Environment for the Healthy Growth of Entrepreneurs and Promoting Entrprenurial Spirit",which affirmed the importance of the entrepreneurship on enterprise and society.The connotation of entrepreneurship is mostly based on the Western cultural background.There is little research on the definition of the connotation of entrepreneurship in the context of Chinese culture.In addition,the mainstream research of entrepreneurship’s effect on company performance is mainly mediated by substantive capability,organizational learning,and knowledge management with the static perspective.In facing the increasingly complex and turbulence of external environment,how the corporations actively adjust and adapt,will determine its competence,thereby eventually enhance their performance.In this context,this article focuses on the core topic of "uncover the connotation of Chinese entrepreneurship and its impact on company performance",through literature research,questionnaire survey,case study,regression analysis and structural equiation model,etc.On the basis of innovation theory,dynamic theory,and resource-based theory,the following questions are studied step by step: What is the definition and connotation of Chinese entrepreneurship? What is the underlying effect mechanism of entr? What are the impact differences of different entrepreneurship dimensions on company performance? Through the study of the above specific questions,this paper clarifies the connotation of Chinese entrepreneurship,the impact of entrepreneurship on company performance and the underlying effect mechanism,and the following main research conclusions are obtained:First,the connotation of Chinese entrepreneurship includes five dimensions,namely innovation,risk-taking,prospective,pragmatic and inclusive.Among them,the connotation of innovative,risk-taking,prospective is consistent with the one of Western entrepreneurship,but both pragmatic and inclusive reflect the personal characteristics and behavioral characteristics of the Chinese entrepreneur group in the context of Chinese traditional culture and system.In order to explore the connotation of Chinese entrepreneurship,this study uses grounded theoretical research methods,and obtain first-hand information through interviewing with 45 experts from companies,industry associations etc.After the data analysis and verification,it is concluded that five dimensions are constitiuted the connotation of Chinese entrepreneurship,namely innovative spirit,prospective spirit,risk-taking spirit,pragmatic spirit and inclusive spirit.It has passed the substantie validation and reliability verificaiton.Second,Chinese entrepreneurship has a significant positive impact on company performance.The degree of impact is similar to the average level of Australian and Asian companies,but it is significantly different from European and American companies.In order to study the underlying effect mechanism of entrepreneurship on company performance,this study distributed questionnaires to the members of the chamber of commerce,which belong to All-China Federation of Industry and Commerce,and returned 265 effective questionnaires.The result shows that there is a significant positive effect relationship between entrepreneurship,and the influencing coefficient is 0.422,which is similar to the Australia and Asia average,but much higher than Europe and America.Furthermore,the two dimensions of Chinese entrepreneurship,namely Pragmatic spirit(0.319)and innovative spirit(0.243),have a significant impact on the company performance,while the other three dimensions are not significant.Compared to Europe and America(innotive spirit is 0.195,risk-taking is0.139,proactive spirit is 0.178),pragmatic spirit is prominent.Third,Entrepreneurship has a significant positive impact on dynamic capabilities,and there is also a significant relationship between dynamic capabilities and firm performance.Moreover,Environmental turbulence and environmental complexity negatively moderate the positive effects of entrepreneurship on dynamic capabilities.Fouth,the risk-taking and prospective nature of entrepreneurship affects the ability to perceive opportunities for dynamic capabilities,which,together with innovation nature of entrepreneurship,further affect the company’s market performance;the risk-taking and inclusive nature of entrepreneurship affects the rapid decision-making capabilities of dynamic capabilities,thereby together with pragmatism nature,it further affects the company’s innovation performance;the inclusive nature of entrepreneurship affects the ability to implement changes in dynamic capabilities,and thus,together with pragmatism and innovation nature,further affect the company’s financial performance.Based on the quantitative empirical test,this study further verified the impact mechanism in which various dimensions of entrepreneurship on company performancein by analyzing the case of the ten-year course of technological innovation and development of Group A.The possible theoretical contribion of this article include:(1)Enriched the company performance research through creating a newly research path of entrepreneurshipdynamic capability-company performance.(2)Extended the research on the source of dynamic capability through empirical test of the impact of entrepreneurship on dynamic capabilities,(3)Constructed a five-dimensional model and measurement scale for the connotation of Chinese entrepreneurship,which provided a tool for the further study.(4)Extended the entrepreneurship research through uncovering the mechanism of entrepreneurship on company performance via the mediating role of dynamic capability and moderating role of business environment.