Research On The Influence Mechanism Of Venture Capital On Entrepreneurial Performance Of Technological Start-ups

As a special form of entrepreneurship,technological entrepreneurship has played an important role in promoting the commercialization of innovation achievements,creating employment opportunities,even in optimizing industrial structure and driving economic development.Accordingly,under the wave of technology entrepreneurship,technological start-ups are building up,and become an engine power for economic growth.But it must be noted that the proportion of technology entrepreneurship in China is still low,and the lack of capital and management experience has become a serious threat to the healthy growth of technological start-ups.In practice,there are full of failed cases due to lack of "the last mile of funds","Zhu Geliang's strategy".Through the analysis of previous literature,we find that Venture Capital plays an important role as a resource provider,and there is a natural fit between Venture Capital and technological start-ups with the lack of capital and management experience.Also.as a guiding principle for the allocation of resources to achieve higher corporate performance,strategic orientation is not only influenced by Venture Capital,but also have an effect on entrepreneurial perfonnance.Therefore,it is of great significance to fully understand the resource provider role of Venture Capital,and to explore how technological start-ups can make use of the resources provided by Venture Capital,and to transform it into the actual entrepreneurial performance.Based on Chinese entrepreneurial situation and from the perspective of resource based theory,this paper constructs a model of the impact of Venture Capital on entrepreneurial performance,and carries out the research of strategic orientation's intermediary mechanism,relying on the existing research results of Venture Capital theory,strategic management theory and entrepreneurial performance theory.At the same time,using questionnaire,we take the technological start-ups as the sample,and empirically analysis the obtained data,with the purpose of testing the relationship model and theoretical hypothesis.The main results of this study are as follows:(1)Venture Capital and entrepreneurial performance are positively correlated,also the two investment models,financial investment and strategic investment has significantly different impact on entrepreneurial performance;(2)There is a correlation between Venture Capital and strategic orientation,financial investment makes technological start-ups tend to choose market orientation,and strategic investment makes technological start-ups tend to choose technology orientation;(3)Strategic orientation and entrepreneurial performance are positively correlated;(4)Strategic orientation between Venture Capital and entrepreneurial performance plays a part of the intermediary role.Based on theoretical and empirical research results,we puts forward some strategies to improve entrepreneurial performance from two aspects of internal drive and external support.In short,this paper not only provides references of management practice for Chinese technological start-ups,but also provides strategies and advice for the behavior of vigorously supporting the development of technological start-ups.