Research On The Impact Of Financing Constrains On The Performance Of Entrepreneurial Enterprises

The continuous progress of the era of knowledge economy,the state's great encouragement and support for innovation and entrepreneurship,entrepreneurial enterprises have sprung up.As the source and foundation guarantee for the growth and development of enterprises,resources are the key to the company's ability to stand out in the market competition.The existence of financing constraints limits the acquisition of enterprise resources,which in turn affects the improvement of firm performance.As the driving force of enterprise development,enterprise strategy is the bridge from enterprise resources to enterprise performance transmission.The effective implementation of enterprise strategy will ultimately transform enterprise resources into enterprise performance.The strategy of deviating from the mainstream of the industry makes it easier for enterprises to exert their own resources and capabilities,and can also reduce the imitation and attack of other competitors,which is conducive to the growth of firm performance.Unfortunately,scholars still lack systematic research on the mechanism of financing constraints,deviant actions and firm performance.This paper combines theory and practice in the research process.Firstly,it summarizes the existing domestic and foreign literatures,and summarizes the research status.Secondly,it defines the concept of variables and discusses related theories.Again,based on the core viewpoints of information asymmetry theory,resource-based view,dynamic competition theory and resource dependence theory,respectively,this paper theoretical analyzes the impact of financing constraints on firm performance,the mediating effect of deviant actions,and the moderating effect of interlocking directors on the relationship between them,and then construct a theoretical research framework.On this basis,put forward five research hypotheses between the main variables of this paper.Then,based on the 2012-2017 China GEM listed companies,this paper uses multiple regression analysis methods to empirically test the hypotheses proposed in this paper and analyze the results.Finally,put forward the conclusions of this paper on the role of financing constraints on the performance of enterprises,and propose opinion for the better and faster development of entrepreneurial enterprises.The research results show that financing constraints significantly inhibit the improvement of firm performance;financing constraints limit the deviant actions of enterprises,the implementation of corporate deviation strategies is conducive to the improvement of firm performance;deviant actions play a mediating role in the impact of financing constraints on firm performance In addition,interlocking directors weaken the restraining effect of financing constraints on firm performance.The research conclusions of this paper have certain enlightenment significance for the rational allocation and acquisition of resources by the startup enterprises in order to improve firm performance.