An Empirical Study On The Impact Of Social Network On The Financing Availability Of College Students’ Entrepreneurial Enterprises

Since the government proposed "mass entrepreneurship and innovation" in 2014,innovation and entrepreneurship has set off a wave in the whole society and become an important engine to maintain economic vitality.As high-quality talents,college students have high professional theoretical literacy and innovative thinking ability.College Students’ entrepreneurial practice can effectively relieve the stress of social employment,stimulate the innovation vitality of the whole society and promote social and economic development.According to the relevant data,the first five Internet plus students’ innovation and entrepreneurship competition projects accumulated more than 70 thousand enterprises,and created more than 600 thousand jobs,indirectly leading to over 4 million jobs.However,compared with western developed countries,the rate of independent entrepreneurship of college students in China is still at a low level,with less entrepreneurial achievements and low entrepreneurial success rate.One of the important reasons is thedifficulty of entrepreneurial financing.On the premise of limited resource allocation by the market and the government,social network,as the "third means of resource allocation",is bound to affect the resource mobilization ability of College Students’ entrepreneurs.Therefore,more and more scholars begin to pay attention to the relationship between social network and college students’ entrepreneurial financing.This paper takes college students’ entrepreneurial enterprises as the research object.Firstly,it analyzes the mechanism of social network on the financing availability of College Students’ entrepreneurial enterprises by using social capital theory,entrepreneurial financing theory and basic resource theory;Then,on the basis of theoretical analysis,reasonable assumptions are put forward and the conceptual model of this paper is constructed;Finally,the research hypotheses are empirically tested by using the data investigated in this paper.By constructing Logistic Regression Model and Ordered Logistic Regression model,this paper studies the overall impact and marginal contribution of different structural characteristics of social network on the financing acquisition and financing scale of large-scale start-ups,and tests the regulatory role of economic development level between social network and enterprise financing availability.The results show that social network can significantly promote the financing availability of College Students’ entrepreneurial enterprises.The scale of social network has expanded the ways for college students to obtain entrepreneurial information and resources,dredged entrepreneurial financing channels,and enabled large-scale start-ups to obtain more financing opportunities and amounts;The strength of social network can effectively reduce information asymmetry and transaction costs.The higher the strength,the closer the communication between entrepreneurs and investors and the more trust between them,so as to promote investors to make investment decisions;Network heterogeneity makes the information sources of College Students’ entrepreneurs diverse,has richer potential social capital,and improves the organization’s ability to absorb external resources.In addition,the level of economic development will also affect the ability of start-ups to obtain external financing through social networks;In other words,the difference in the level of economic development will lead to the difference in the impact of social networks on the financing availability of big start-ups.Compared with areas with poor economy.the scale and strength of social network in economically developed areas play a greater role in improving the acquisition of enterprise financing.Finally,this paper provides corresponding countermeasures and suggestions from the four levels of college students,university.government and financial facilities.