Study On Environmental Uncertainty,Network Status And Investment Efficiency Of New Ventures

Investment efficiency of enterprise is directly related to the business status of the enterprise,and investment is a necessary condition for the survival and development of the enterprise.In emerging countries,the phenomenon of "over-investment" or "underinvestment" of enterprises is mostly due to the underdeveloped market competition and price mechanism.Enterprises cannot effectively realize the optimal allocation of resources through market competition and price mechanism.At present,China is in the transitional period of economic transformation and industrial upgrading.Market-oriented policies to stimulate economic growth and the emergence and widespread application of emerging technologies such as Internet and information technology make it more difficult for new ventures to emerge from a highly uncertain and unbalanced market environment and technology environment.The investment decision of new ventures depends on the accurate prediction of project income,cash flow,product demand and external environment,while the accurate prediction depends heavily on information and resources.External uncertainty has brought obstacles to the information interpretation and resource acquisition of new ventures.New ventures urgently need to develop and mobilize more channels to obtain the information and resources needed by new ventures.Under the background of the increasingly close relationship and cooperation between enterprises and the vague boundary of enterprises,the importance of social network as the carrier of social capital in the survival and development of enterprises is gradually emerging.Based on the previous research results and the theories of entrepreneurship network and entrepreneurship learning,this paper introduces the key variable of social network status into the research model from the perspective of social network embedding of new ventures,following the logical thought that structure decides power and power influences behavior,in order to explore whether the network status gap caused by different social network centrality and structural holes position influences investment efficiency of new venture.The main work of this paper is as follows:(1)By combing the literature and theory about environmental uncertainty,social network status and investment efficiency of new ventures,we summarize the relationship and possible mechanism among them;(2)Based on the company level data listed in 2013-2016 of new ventures on New OTC(Over the Counter)Market,we do correlation analysis and panel regression analysis using Stata 15.0,to explore the relationship and mechanism among environmental uncertainty,social network potential and investment efficiency of new ventures.The empirical results are as follows.First,the network status has a significant impact on the underinvestment of new ventures,but not on the overinvestment.Second,environmental uncertainty plays a significant negative moderating effect on the relationship between the network status and the underinvestment of new ventures.Specifically,the network status from closeness centrality and structural hole has a significant inhibitory effect on the underinvestment of new ventures,and high environmental turbulence will hinder the role of closeness centrality in inhibiting underinvestment;the network status from degree centrality has a significant promotion effect on the underinvestment of new ventures.The direct effect of betweenness centrality on the underinvestment of new ventures are not significant.But under the condition of environmental uncertainty,the betweenness centrality significantly promotes underinvestment.The conclusion of this paper not only looks at the structural value of social network from the perspective of social network structure status,but also studies the informal institutional factors influencing the investment efficiency in the context of new ventures.It not only helps scholars to better understand the growth and development of new ventures,but also helps entrepreneurs to grasp the social network resources rationally so as to achieve more efficient investment.