Research On The Influence Of Opportunistic Orientation And Innovation Orientation On New Ventures' Growth

With the implementation of the national strategy of entrepreneurship and innovation,new ventures have play an increasingly important role in Chinese economic development and have attracted more and more attention of government officials and scholars.However,the high failure rate and low growth rate of new ventures in China also restrict the development of economy,which has become a big problem on enterprise and macroeconomic policy makers.It is found that opportunistic orientation is helpful for new ventures to obtain substantial profits in a short term,which can reduce the high failure rate at the early growth stage of new ventures,while innovation orientation is helpful for new ventures to focus on long-term development,which can effectively drive the growth and development of new ventures at the later stage.Therefore,opportunistic orientation and innovation orientation have great strategic significance in improving the high failure rate and low growth rate of new ventures.This paper takes opportunistic orientation and innovation orientation as the starting point of research and deeply discusses the influence mechanism of opportunistic orientation and innovation orientation on growth of new ventures.In view of the fact that new ventures have been always constrained by resource shortage,this paper discusses the relationships of opportunistic orientation,innovation orientation,network embeddedness,resource bricolage and growth of new ventures from the perspective of resource behavior,and constructs the indirect path of "strategic orientation--resource behavior--growth".In addition,this paper selects market potential as a moderating variable to explore the contingency effect path of strategic orientation and resource behavior on growth of new ventures.Through theoretical analysis,this paper proposes 16 research hypotheses,and verifies these hypotheses through using 193 survey data of new ventures for regression analysis.the research finding shows: Both opportunistic orientation and innovation orientation have significantly positive impact on growth of new ventures;Network embeddedness mediates the relationship between opportunistic orientation and growth of new ventures,but has no mediating effect between innovation orientation and growth of new ventures.Resource bricolage completely mediates the relationship between opportunistic orientation and growth of new ventures,and partly mediates the relationship between innovation orientation and growth of new ventures;Market potential can positively moderate the relationship between opportunistic orientation and growth of new ventures,innovation orientation andgrowth of new ventures,and the relationship between network embeddedness and growth of new ventures,but has no moderating effect between resource bricolage and growth of new ventures.