The Impact Of Technological Trajectory And Enterprise Resources On GEM Firms' Entrepreneurial Orientation

China's GEM was opened in October 2010, it mainly for small and medium business enterprises with high growth and high technical, so these firms had the characteristics of innovative, high growth and focusing on emerging industries, the firms' growth were endowed with high expectations at the beginning. According to the ‘The Shenzhen Stock Exchange GEM Stock Listing Rules' issued by Shenzhen Stock Exchange, the GEM Listed companies that for two consecutive years of losses will face a risk of delisting. In this context, the GEM firms have to seek effective growth path actively to maintain or improve market position in the complex competitive environment. Under the complicated and changeable competitive environment, most of the GEM companies adopted the M&A extension development strategy to make up for the limitations of internal innovation. It is different from the main board, the motivation of the GEM firms' M&A is not only to pursuit financial benefit, it is mainly for long-term strategic considerations, it is closely related to the entrepreneurial orientation, they expect for getting the opportunity window of entering new markets, new products, new technologies, etc. through mergers and acquisitions.The M&A based on entrepreneurial orientation is beneficial to improve enterprise performance and promote the new firms' rapid growth. Compared to the external institutional environments, the enterprise internal resources constituted the foundation of the firms' business activities, it determines the substance of the enterprise strategy, and it has a more important influence on enterprises' M&A decisions. At the same time, the development of high technology enterprises tend to follow the specific technology trajectory, As a high and new technology enterprise cluster, the GEM enterprises' development is closely related to the technological trajectory, the firms' strategic decisions will also restricted by the technological trajectory on a certain extent. On the basis of existing research, this paper combined with the technological trajectory and resource-based theory, dividing the enterprise resources into tangible and intangible assets, recognizing the sample enterprises' technology orbit based on the principle of technological trajectory, then identifying the entrepreneurial orientation from enterprise perspective, and based on the data of M&A of the GEM listed companies from 2009 to 2011 in 2010-2014, and use the SPSS19.0 to study the influence of technological trajectory, enterprise resources on EO respectively, and the effect of enterprise resources on EO under different industry technical track. The empirical results reveal several findings. Entrepreneurial orientation activity exist significant differences in different technological trajectories, the entrepreneurial orientation activity in information intensive and specialized suppliers is higher than it in suppliers domination, Scale Intensive and Science-Based firms; Tangible assets is negatively related to the entrepreneurial orientation decision, intangible assets are positively related to the degree of entrepreneurial orientation, and the influence of firm resources on entrepreneurial orientation will be confined by technological trajectories; Tangible assets is negatively related to the entrepreneurial orientation in the scale intensive, and intangible assets have a significant positive effect on the entrepreneurial orientation in Information Intensive and Science-Based firms, but the effect of enterprise resources on the entrepreneurial orientation in Specialized Suppliers and Supplier Dominated is not significant.