An Empirical Study On Vertical Differences Between Entrepreneurial Teams And Performance Of Entrepreneurial Firms

With the proposal of a national strategy for self-innovation,GEM has successfully attracted a large number of high-growth and highly innovative companies because of its unique positioning and its support for SMEs.Faced with fierce market competition,how to enable companies to consistently exhibit high growth and innovation is the most important issue facing the entrepreneurial team of listed companies on GEM.This article takes the growth of the GEM listed companies in recent years as the research object,and analyzes the relationship among the entrepreneurial team's vertical differences,strategic changes,and the performance of startup companies.Some studies have shown that the heterogeneity of entrepreneurial teams will have a significant impact on the performance of entrepreneurial firms,and that strategic change plays an intermediary role between the two.However,existing research does not take into account the obvious upper-and lower-level factors that exist in the middle of the team.Considering the current situation in China,“relationship” is a problem that we cannot avoid.Therefore,this paper takes the vertical perspective of the entrepreneurial team as the research perspective,and uses data from 245 companies listed on the Shanghai and Shenzhen Stock Exchanges in 2014-2016 as samples to explore entrepreneurship.The vertical relationship between the team's differences and the performance of entrepreneurial companies,as well as the mediating role of strategic change and the role of entrepreneurial team's cognitive complexity in regulating it.In this paper,a combination of literature research and empirical research methods and the use of statistical analysis methods such as SPSS for descriptive statistical analysis and regression analysis,draw the following conclusions.First,vertical differences in entrepreneurial teams,gender vertical differences are significantly negatively correlated with entrepreneurial firm performance.That is,the greater the vertical differences in the entrepreneurial team gender,the smaller the entrepreneurial firm performance;the vertical experience of the service experience is significantly positively correlated with the entrepreneurial firm performance.That is,the greater the vertical difference in the experience of the entrepreneurial team,the better the performance of the entrepreneurial enterprise.In the vertical differences of the entrepreneurial team,the difference between the vertical and the difference in the level of education is vertical,and they are not significantly related to the performance of the entrepreneurial enterprise,indicating that they are not the main influencing factors of the performance of the entrepreneurial firm.Second,the entrepreneurial team's vertical gender differences and the entrepreneurial team's service experience are all positively related to the strategic change.The vertical changes in the entrepreneurial team's gender and the entrepreneurial team's service experience are the major influences on the strategic change.factor.There is no significant correlation between the differences in age and verticality of the entrepreneurial team and the level of education of the entrepreneurial team and the strategic change.That is to say,the age-vertical differences in the entrepreneurial team and the education level of the entrepreneurial team are not the main influencing factors of the strategic change.Third,strategic change is significantly negatively correlated with the performance of start up companies.That is,the occurrence of strategic changes will reduce the performance of start up companies.This conclusion differs from previous scholars' research findings.The possible reason is the lagging effect of strategic change on firm performance.In the initial stage of a strategic change,it will have a negative impact on firm performance because it will change the existing strategy.Fourth,strategic change plays a mediating role in the gender verticality of entrepreneurial teams and the performance of entrepreneurial firms.Similarly,strategic change plays a mediating role in the relationship between entrepreneurial team performance and the difference between entrepreneurial firm performance and entrepreneurship.In other words,the strategic change can play a "bridge" role between the vertical gender of the entrepreneurial team and the vertical experience of the entrepreneurial team.Fifth,in the study of the cognitive complexity of the entrepreneurial team in the explanatory variable of the entrepreneurial team's vertical adjustment of the difference and the performance of the explained variable venture company,it was found that only the entrepreneurial team's cognitive breadth is the vertical adjustment variable in the entrepreneurial team's education level.It plays a regulatory role with entrepreneurial firm performance,and plays a moderating role in the entrepreneurial team's vertical experience of the difference and entrepreneurial firm performance.Entrepreneurial team cognitive depth,a regulatory variable,does not play a regulatory role in the entrepreneurial team vertical to the differences and entrepreneurial firm performance.In general,the research in this paper helps to understand the mechanism of the vertical relationship between entrepreneurial teams and the differences and strategic changes,the performance of start-up companies,and the cognitive complexity of entrepreneurial teams in the context of China,and broadens the research perspectives that influence the performance of start-up companies.At the same time,it also provides reference for the formation of entrepreneurial teams,strategic management,and corporate governance practices of Chinese companies.