创业网络对企业绩效起着至关重要的作用,对于新创企业而言,融资绩效更能反映企业发展与可投资性,然而,学界鲜有对创业网络与新创企业融资绩效的实证分析。本研究以陕西省新创企业为样本,研究创业网络与新创企业融资绩效的直接关系,以及效果推理的中介效应和环境动态性的调节效应。实证结果表明:创业网络的网络规模、网络强度对新创企业融资绩效具有显著的正向影响;效果推理的实验、可承担损失、柔性与先前承诺四个维度均在创业网络与新创企业融资绩效的关系中具有部分正向中介作用;环境动态性在实验、可承担损失、先前承诺与新创企业融资绩效的关系中具有调节作用。本研究弥补了先前研究中缺乏实证检验的不足,为新创企业融资决策和投资机构投资决策提供了一定的理论参考。
Entrepreneurial network performance plays an important role for start-up financing. For new ventures, financing performance is more indicative of business development and investment. However, little literature empirically analyzes entrepreneurs network and new venture financing performance. This paper uses the samples of new ventures in Shaanxi province to research the direct relationship between entrepreneurial network and performance of corporate finance. And this paper also researches the mediating effect of effectuation and the adjustment effect of environmental dynamics. The empirical results show that while entrepreneurial network size and entrepreneurial network strength have a positive effect to the financing performance of the new enterprises ; effectuation ( besides its four dimensions, contain experiment, affordable loss, flexibility and pre-commitments) cohesion positively mediates the positive relationship between en- trepreneurial network and the financing performance of the new enterprises ; environmental dynamics negatively moderates the relationship between experiment, affordable loss, pre-commitments and new enterprises financing performance. This research makes up for the lack of empirical test in previous researches, and provides certain theory reference for start-up financing and investment institutions' investment decision.