The Influence Of Financing Motivation On The Growth Of Start-up Enterprises

Innovation-driven development is the new normal of Chinese economy during the transition period.As an important member of the social subject,start-up enterprises burst innovation motivation and development vitality,making it become a leader in new forms,new industry and economic transformation.Start-up enterprises cannot live without capital support.Understanding financing motivation of start-up enterprises is the key to make full use of capital.It is of vital importance to grasp the financing motivation and its influence on financing selection of start-up enterprises,and then find out the growth mechanism.Therefore,the government can introduce scientific and reasonable policies to solve the financing problem of start-ups,leading them to better development.At the same time,it will help start-up enterprises understand their own decision-making behavior principles of financing,which will provide a wider range of references for their practice.Based on the review of relevant theoretical research and empirical analysis results at home and abroad,this paper defined the financing motivation,financing selection and enterprise growth of start-up enterprises.By analyzing the theory relationship of those three concepts,this paper puts forward its proposition and selects case companies for further study.Taking DATE,CTRP,NVC Lighting as cases,this paper analyses the financing though their development.Find out the role of financing motivation in influencing the financing selection of start-up enterprises,it is easier to grasp the growth mechanism that financing selection can affect enterprise growth through intermediary variables.Through the study,it is clear that the financing motivation changes dynamically with the development of start-up enterprises.In initial period and expansion period,wealth accumulation and self-decision making are the main motivations affecting the financing selection.However,in stable period,the financing selection of set-up enterprises is mainly influenced by the social acceptance.Under the drive of financing motivation,wealth accumulation motivation tends to choose external equity financing,self-decision motivation prefers internal financing and external debt financing,social acceptance motivation is likely to choose external equity financing.Financing selection will affect the growth of start-up enterprises through corporate governance,capital structure and strategic orientation.This paper analyzes the conductive course that "start-up financing motivation affects the financing selection,financing selection influences enterprise growth through intermediary variables".It not only expands the field of the financing research of the start-ups,but also provides some practical inspiration for financing and government support of entrepreneurship,etc.