Study On Relationship Between Institutional Entreprenuership And Equity Financing

Finance plays a crucial rule to enterprises,and equity financing is an important channel for SMEs to obtain it.This paper takes four technological SMEs from Electronic Information Industry in Sichuan Province as research objects,uses the methods of comparative study of exploratory multiple cases and qualitative research,aims at exploring the effected mechanisms of institutional entrepreneurship activities on equity financing from the perspective of credit field.Then,taking institutional entrepreneurship as a breakthrough point,and after an in-depth analysis on the cases of four technological SMEs which performed oppositely in equity financing,policy advices were proposed for technological SMEs to improve their performance of equity financing with the power of field.Based on the study of the four technological SMEs,which includes field interview with their founders or senior managers as well as second-hand files,the four technological SMEs were classified into two different groups: two of them showed evidently institutional entrepreneurship activities,and have obtained several rounds of equity financing successfully;meanwhile the other two failed on it,and showed constrained activities on institutional entrepreneurship.The positive relationship between institutional entrepreneurship activities and equity financing were detected with the mediation of credit field after analyzing their cognition and diverse strategic decisions,which provided theoretical basis for the coming proposals.In the end,combined with the results of questionnaire survey,relatively policy suggestions were proposed for both enterprises and government to improve equity financing performance of technological SMEs.