Research On The Impact Of Executive Team Social Capital On The Growth Performance Of Startups

As part of the entity economy,entrepreneurial enterprises play an important role in our national economy.It is an important way to undertake the economic transition in China that fostering enterprises to integrate of internal and external capital in the start-up period,structuring the business model which is effective and efficient,and then helping the business enterprises to grow rapidly.According to the theory of entrepreneurship,the social capital of Top Management Team is the indirect factor which has an effect on the growth performance of new ventures,and the business model in the corporate is the direct factor,and it plays an important role of intermediary mechanism between TMT social capital and growth performance of new ventures.As the survival entrepreneurial environment for new ventures,the system environment has an effect on entrepreneurial process what could not be ignored,and there is of great significance for guiding the growth of new ventures.Firstly,based on the analysis of present research including both domestic and foreign,this study defines the connotations of TMT social capital,business model,growth performance of new ventures and system environment by reviewing related literature,and then divides the dimension of TMT social capital and business model.Secondly,it explores the relationships of TMT social capital,business model and growth environment under the moderation of system environment,then puts forward the hypothesis and constructs the theoretical model.Thirdly,the measurement system and method of TMT social capital,business model,growth performance and system environment are confirmed,besides,enterprises listed in The Shanghai and Shenzhen Stock Exchange are selected as research samples,and after that,the hypotheses would be examined empirically by multivariate statistical analysis.Finally,conclusions and management implications of this research are summarized according to the results of empirical research,and prospects are put forward to the research of next period.The empirical results state that,both the TMT social capital and its three dimensions of horizontal network,vertical network and social reputation have a significantly positive effect on the business model and growth performance.The business model and its three dimensions of market positioning,operating system,and financial model have a significantly positive effect on growth performance.The business model plays a partial mediating role in the relationship of TMT social capital and growth performance of new ventures.System environment plays a positively moderating role in the relationship between business model and growth performance significantly,but it doesn't work in the relationships between TMT social capital and business model,growth performance.