Do Private Entrepreneurs' Perceptions Of New Policies Enhance Their Firms' Entrepreneurial Orientation?

After the 2008 financial crisis,the global economy contracted and continued to fluctuate,and the competition among countries becomes increasingly fierce.At the same time,owing to the lost advantages from China's demographic dividend and the rising costs of labor,land and energy,the original competitive advantages of Chinese enterprises do not exist and the inherent drawbacks of Chinese enterprises start to exert negative impacts.The drastic changes in the macro environment at home and abroad have made enterprises' operating environment highly uncertain and discontinuous.Against such background,how to break the vicious circle and capture new momentum has become the key issue for enterprises to realize their survival and development.The enterprises,represented by Haier group,have found that corporate entrepreneurship is an important way to build enterprises' sustainable competitiveness through continuous exploration.In the meantime,the central government has promulgated a series of policies to establish a sound environment for Chinese enterprises,in the hope that such endeavors are conductive to stimulate entrepreneurs' willingness to engage in entrepreneurial activities.These lead us to consider the following questions: How do entrepreneurs perceive these policies? Do these policies have incentive effects on corporate entrepreneurship? What are the boundary conditions for effects of these policies? These questions have not yet been fully addressed in the literature.Previous researches described the intensity of entrepreneurship behavior of enterprises in general,using the concept of "entrepreneurial orientation"(EO).And in addition,they also analyzed the antecedents of EO.From a micro perspective,existing researches focus more on the influence of organizational and management factors(CEO,executive team,entrepreneur characteristics)on entrepreneurial orientation,but there are still insufficient researches on the influence of entrepreneur,especially their subjective cognition.At the same time,from a macro perspective,existing studies also pay more attention to the impact of task environment and ethnic cultural characteristics on entrepreneurial orientation,while lacking in the attention to the institutional environment,the key situational factor in China.Based on this,this paper explores whether the entrepreneur's perception of the new policies will affect the choice of enterprise entrepreneurial orientation strategy,and whether the strategic choice of enterprises will change in different institutional environments,integrating strategic choice theory and institutional theory.Taking private enterprises as the research object,this research analyzes and explores the influencing factors of entrepreneurial orientation.Specifically,with SPSS22.0 as diagnostic tool and �National Private Enterprise Survey� data as sample,this research conducts a regression analysis on the relationship between entrepreneurs' perception of the new policies and entrepreneurial orientation,as well as the regulating effect of the formal and informal institution.In addition,in this paper,the entrepreneurs' perception of the new policies and entrepreneurial orientation were respectively extracted for robustness test,testing whether regression results were robust.The empirical results show that the positive perception of the new policy is conducive to improving the entrepreneurial orientation of enterprises,and the formal institution strengthens the relationship between them,such as the level of regional institutional development?marketization of credit allocation and private property protection,while the political connection weakens the relationship between the two.The above conclusions have important theoretical significance.Firstly,they enrich research on the antecedents of EO,which is conducive to a better understanding of the formation of entrepreneurial orientation in the Chinese context.Secondly,they deepen strategic choice theory in combination with institutional theory,promoting the development and perfection of strategic choice theory to a certain extent.Finally,from the perspective of entrepreneur's policy environment perception,this study provides a new research idea for exploring the impact of government policies.In addition,the above findings also have practical guiding significance for policy makers and enterprises.On the one hand,the cognition and intention of the enterprise's core decision-makers have an important guiding influence on the development and strategic choice of the enterprise.Therefore,it is necessary to pay attention to the shaping and construction of the cognitions of them.On the other hand,policymakers should take notice of the differences between objective policies and subjective cognition,strengthen the interpretation of policies,and exert efforts to influence enterprise decision-makers from the cognitive level.Meanwhile the government should augment the policy supply and system construction in the backward areas,especially the construction of financing channels and property rights protection,enhance the confidence of private enterprises in the long-term development,fully releasing the actual effectiveness of the new policy.