The Effect Of Entrepreneur Traits On Information Disclosure In Financing

This study mainly researches the influences of entrepreneurs'traits on information disclosing behavior in financing. Through analyzing relate theories, then on the basis of researching entrepreneurs' traits and information disclosing behavior and from the background of venture capital in chin, the article analyzes information disclosing behavior during start-up financing and proposes the relationship model of entrepreneurs'traits, information disclosing behavior and venture capital background. Through the methods of experimental study, the article aims at analyzing entrepreneurs traits under different backgrounds of venture capital influence on information disclosing behavior. Entrepreneurs are the most important part in identifying, evaluating and allocating resources in the process of starting an enterprise, the decision maker of the entrepreneurial activities. Research shows that risk preference and overconfidence, the two individual risk characteristics, are two important influencing factors in the field of risk decision. And financing acts will not be established or approximate to complete the expected results, at least part of the result was bad, from this perspective, information disclosing behavior is also a risk decision in the course of financing business. The article have access to data in experiment, and analyze the data shows the four assumptions:H1:Entrepreneurs'risk preference is lower, presenting information is more comprehensive; H2: Entrepreneurs' overconfidence is lower, presenting information is more comprehensive; H3a:The background of venture capital had moderating effect to the relationship of risk preference and information disclosing; H3b:The background of venture capital had moderating effect to the relationship of overconfidence and information disclosing. H1, H2, H3a have passed the data analysis, but H3b hasn't passed the test.The innovations in this paper as bellow:it proposes theoretical framework of the influences of entrepreneurs'traits on information disclosing behavior during financing, and it points out that the pattern of Chinese venture capital in the period of economic transition and regards the risk investment institution under different background as moderator variables. It studies the entrepreneurs'decision-making behaviors facing the background of the government and foreign investment, and analyzes the influences of entrepreneurs' traits on information disclosing behavior in different contexts.