The Impact Of Entrepreneurs' Social Capital On The Performance Of Start-up Enterprises

Since the strategy of "mass entrepreneurship and innovation" has been written into the government white paper in 2015,China's innovation and entrepreneurship activities have become increasingly prosperous.Local governments have issued a series of incentive policies and guidance programs and actively created entrepreneurial industrial parks and entrepreneurial incubation bases.Preferential policies have also attracted the general public to transform into entrepreneurs,and a large number of small and medium-sized start-ups are born every day.With the emergence of a large number of start-ups,the market competition has intensified,and the demand and pursuit of resources for many enterprises in the market has become increasingly fierce.Therefore,in the fierce competition of entrepreneurs,many entrepreneurs also hope to obtain scarce resources and benefits for enterprises through the informal market means of social capital.In recent years,the research on entrepreneurs'social capital to listed enterprises,state-owned enterprises or traditional manufacturing industry is relatively rich,while the research on small and medium-sized start-ups is not perfect and the conclusion is contradictory.Therefore,on the basis of analyzing the insufficiency of domestic and foreign research on entrepreneurs'social capital on entrepreneurial performance,this paper chooses three stages of entrepreneurial life cycle as outcome variables,and takes entrepreneurs' previous experience as moderator variables to explore the impact of entrepreneurs'social capital on entrepreneurial performance.In order to promote our correct understanding of the real role of social capital and entrepreneurial experience of entrepreneurs,it is of great practical significance for entrepreneurs to rationally use social capital and entrepreneurial experience to improve the performance of entrepreneurial enterprises.Based on the data of venture enterprises in CV Source and Private Equity Database from 2012 to 2017,this paper uses correlation analysis and multiple regression analysis to draw the following conclusions:Firstly,entrepreneurs'social capital has a significant positive effect on the start-up and growth performance of venture enterprises;secondly,Secondly,the role of entrepreneurial social capital in the performance of entrepreneurial maturity(IPO)is not the same.Among them,entrepreneurs' underwriters' relationship capital has a significant positive impact on the success rate of entrepreneurial enterprises.Entrepreneurial political relationship capital has a significant negative impact on the success rate of entrepreneurs' listing,and entrepreneurial bank relationship capital and venture capital institution relationship Capital has no significant impact on the success of the company's listing.Thirdly,under the adjustment of the entrepreneur's previous experience,the positive impact of entrepreneurial social capital on the startup and growth performance of entrepreneurs has been strengthened,and the positive impact of entrepreneur underwriters'relationship capital on the IPO of startups has been strengthened.At the same time,it also strengthens the negative impact of entrepreneurial political relations capital on the IPO of startup enterprises.On the basis of the empirical results,several countermeasure management suggestions are proposed for how entrepreneurs can reasonably recognize and use social capital and improve the performance of entrepreneurial enterprises.