Research On The Influence Of Initial Entrepreneurial Resources On The Choices Of Financing Channels Based On The Policy Environment

Based on relevant research at home and abroad, this thesis studies the influence of initial entrepreneurial resources on the choices of the financing channels based on the policy environment. So far, the new ventures have been an important part in our national economy, and they play a very important role in promoting steady economic growth, creating job opportunities, innovating technology and mechanism, and expanding exports. But at the same time, the new ventures are facing a series of problems, and the lack of funds is constraining the development of the new ventures. The problem of financing of the new ventures is the particularly obvious. For new ventures, the initial resources have a great impact on the strategy of development, and the entrepreneurs are the key factors among all these initial resources. this thesis studies the influence of initial entrepreneurial resources on the choices of financing channels based on the policy environment. On the basis of previous study results, this thesis divides initial entrepreneurial resources into two dimentions: experience and education; financing channels into two dimensions: internal financing and external financing. As for the policy environment, this thesis focus on the Regulatory Dimension.The main content of this thesis includes the following four parts:Firstly, this thesis deeply analyzes the relevant theories of this thesis, introduces the relevant theories about the initial entrepreneurial resources, financing channels and the policy environment. Based on the analysis of basic theories, this thesis summarizes the existing literatures related to this topic both at home and aboard. We find that predecessors have obtained some achievement, but still there is much to study on,and that is the impetus of this thesis. The final part of this thesis summarizes its primary research elements, which include the initial entrepreneurial resources, the choices of financing channels and the policy environment.Secondly, this thesis builds the theory model of the influence of the initial entrepreneurial resources on the choices of financing channels. We divide the initial entrepreneurial resources into two dimensions of experience and education, financing channels into two dimensions: internal financing and external financing. Meanwhile this thesis puts forward the hypothesis of relationship among each element in this theory model based on the theory deduction, which includes in detail the hypothesis of relationship between the initial entrepreneurial resources and financing channels, hypothesis of the role of policy environment in the choices of financing channels and eight hypothesis in all.The third part is concerned with empirical research, which validates the theory model and relevant hypothesis with SEM and AMOS based on the measurement of each variable. The data are obtained from the questionnaires answered by 213 new ventures in Changchun city, and the results show that four of the eight hypotheses are supported and the other four don't gain support. Meanwhile this thesis discusses the check results of these hypothesis. The ones which have been verified definitely show the significance of theory and practice. Meanwhile, we explore the reasons of the ones that are not verified from the perspective of. the new ventures .The basic conclusions of this research include that the entrepreneurs with a higher level of education tend to choose external financing, and the policy environment plays a positive role in the influence of initial entrepreneurial resources on the choices of the ways of external financing. This thesis has the following innovative points: firstly, it builds up the synthesis model of the influence of the initial entrepreneurial resources on the choices of financing channels; secondly, this thesis take the policy environment as a regulated variable and analyzes the influence of initial entrepreneurial resources on the choices of financing channels in China's policy environment.