Financing Motivation Impact Strategy Choice In Expanding Period Of Entrepreneurial Firms

China's economy is now in the transformation of the critical period. How to maintain the smooth transition of growing? Development of entrepreneurial firms is undoubtedly an important positive promoting factor. However, entrepreneurial firms' development is inseparable from the support of capital. Understand characteristics of Chinese entrepreneurial firms'financing motivation, financing choice and development strateagy choice, mastering how entrepreneurial firms' financing motivation impact developing strateagy choice via financing choice, will be helpful for government to suit the remedy to the case, making reasonable leading policy, more effectively solving entrepreneurial firms'financing problerms, guiding development of entrepreneurial firms. And it also will help entrepreneurial firms understand themselves on decision-making behavior principle, which is beneficial for the practice of entrepreneurial firms.By reviewing domestic and foreign relevant theoretical research and empirical analysis results, this paper clearly defines entrepreneurial firms'financing motivation, financing choice and development strateagy choice of relevant dimensions and concepts. Then based on the relation among these three dimensions, research hypothesis are proposed and questionnaire is designed. With massive entrepreneurial firms'practice data, this paper validates the proposition about how financing motivation impacts development strategy choice. Research finds that entrepreneurial firms'wealth accumulation motivvation and self-decision motivation are two big main motivations that influence financing choice. Driven by financing motivations, entrepreneurial firms tend to choose exogenous equity financing and external debt financing primarily. Active development strategy choice is mainly impacted by exogenous equity financing, while steady development strategy choice is mainly impacted by exogenous debt financing. This paper verifies the proposition about "entrepreneurial firms'financing motivations influence financing choices, financing choices influence development startagy choice". More over, this paper puts forword a model of entrepreneurial firms' financing motivations to development startagy choice, which reflects the mechanism of how financial motivations impact development startagy choice.