创业过程的研究评述及发展动向

创业过程研究是创业领域研究的焦点之一。本文对创业过程的概念进行了阐释,对三个有代表性的创业过程理论模型进行了对比和评述,分析了创业过程的实证研究中所遇到的问题,指出创业过程的深入研究对我国的创业实践具有重要的指导意义。     

基于质量努力和管理努力的风险投资金融契约设计与学习机制

在风险投资中,企业家付出的努力对企业的内在价值起决定性作用,为了研究如何更好地激励企业家提升企业的内在价值,本文将企业家付出的努力分为：质量努力和管理努力。首先,本文在单期静态模型下设计最优金融契约,并研究了两种努力的效率对激励效果的影响,研究表明：在单期模型中,激励企业家付出质量努力比激励其付出管理努力更加复杂,且与企业的内在价值波动有关。进一步,在多期动态模型中引入风险投资家对企业信息的学习过程,研究表明随着企业内在价值波动率单调减小,契约的激励效果越来越显著,且学习机制的加入会激励企业家降低努力的成本系数,同时更多地提升质量努力的效率。     

A review of the evolutionary approach to the study of entrepreneurship

A number of more contextual and process‐oriented approaches have been followed recently in entrepreneurial research, including the cognitive approach, the learning approach and the evolutionary approach. This paper reviews the evolutionary approach to the study of entrepreneurship. This includes an overview of evolutionary theory and the arguments behind its relevance to the study of socio‐economics systems, as well as a review of the application of evolutionary theory to the study of entrepreneurship at both the population level (population ecology) and the organizational level (strategic choice). The reconciliation of these two perspectives is discussed, and comparisons are made with the cognition‐based and learning‐based approaches. It is argued in this paper that an evolutionary approach to the study of entrepreneurship leads to more theory‐driven research with a strong focus on process and context. In addition, it offers more than both the cognition‐based and learning‐based approaches because it allows for multi‐level analyses of the new venture creation process, encompassing both the population ecology (population level) and strategic choice (organizational level) perspective, and the resultant interactions between both hierarchies, giving valuable insight into the same overall evolutionary process.     

基于能力视角的创业者人力资本与新创企业绩效作用机制研究

以往关于创业者人力资本与新创企业绩效之间关系的实证研究一直没有得到一致性的结论,导致创业领域的学者们质疑创业者人力资本是否对新创企业绩效产生影响;然而在创业实践中风险投资家评估项目时却十分重视创业者的人力资本。本研究基于能力视角,尝试揭示人力资本与新创企业绩效的作用机制,论证了创业能力在创业者人力资本和新创企业绩效关系中的中介作用,采用因子分析、多元回归分析等方法,通过对173家新创企业进行问卷调查,对理论假设进行了检验。研究发现:(1)创业者人力资本对新创企业绩效的影响是通过创业能力的中间传导促成的,即创业能力发挥了中介作用;(2)不同类型的人力资本对不同的创业能力发挥作用。     

新创企业高管团队的团队过程与战略决策绩效 ——认知的调节作用

新创企业的成败很大程度上取决于战略决策绩效,具有决策权力的高管团队在创业情境下的认知和行为过程对战略决策绩效具有重要影响。本文结合创业研究和高管团队研究的现有成果,以122家新创企业为研究对象,从内部团队过程和外部团队过程两个维度考察高管团队的团队过程对战略决策绩效的影响,并从认知的视角分析新创企业高管团队认知需要和认知能力对团队过程与决策绩效关系的调节作用。研究结果表明,新创企业高管团队的内部团队过程和外部团队过程与决策的质量和满意度均有显著的正相关关系,且认知需要和认知能力对这种关系具有调节作用,在认知需要和认知能力较高的情况下,内、外部团队过程对决策质量和满意度的正向影响更强。     

新企业创业导向的测量与功效:基于中国经验的实证研究

当前关于新企业创业导向的维度及其功效还存在较大的分歧。本文从战略过程视角,依据文献分析初步界定了新企业创业导向的5个维度,然后通过访谈调查和探测性检验,将新企业创业导向维度调整为创新性、风险承担性、先动性3个方面,应用并优化了其测量量表。最后通过150份有效样本,对我国新企业创业导向对企业绩效的直接贡献和间接贡献进行了检验。结果表明,创业导向对新企业绩效确实有显著的直接贡献,但间接作用更为明显。     

Prior education and entrepreneurial intentions: the differential impact of a wide range of fields of study

Studies on entrepreneurial intentions often neglect the heterogeneity of individuals’ education background. This paper develops an integrated intention-based framework and analyzes the impact of fields of study on entrepreneurial intentions. Based on a sample of 2423 final-year students, enrolled in 32 fields of study, and resorting to logistic estimations, we find that, beside the attitude towards starting a business, fields of study, considered at a highly detailed level, are relevant (direct and indirect) predictors of entrepreneurial intention. We unambiguously show that there is a huge hidden potential for new venture creation in fields of study related to creative and leisure activities (e.g., Arts and humanities, or, more specifically, Literature and linguistics, History and archaeology, Audio-visual techniques and media production, Sports, and Architecture and town planning), Law, and Health (most notably, Pharmacy and Veterinary). Significant differences in the level of intention between students of different fields of study indicate that universities should more extensively focus entrepreneurship education on students in other subject area than business or engineering/technology sciences.     

Entrepreneurial Cognition,Entrepreneurial Orientation and Firm Capability in the Creative Industries

Creative industries are firms which are characterized largely by the labour inputs of creative individuals, and surrounded by a degree of rhetoric as to their significance, but are a comparatively under‐researched sector. In this study we developed a research framework which integrated entrepreneurial cognition, entrepreneurial orientation and firm capabilities and explored the relationships between these variables, market conditions and the performance of small creative industry enterprises. The data suggest that high growth small firms are characterized by well‐developed internal capabilities allied to an entrepreneurial orientation and that the combination of the various sub‐attributes associated with each of these appear to be especially salient under conditions of intense competition. The policies, managerial and educational implications of the findings are discussed.     

Crafting business models for conflicting goals: Lessons from creative service firms

The business model construct has become attractive to both managers and academics. It reflects how the most important organization's strategic and tactical choices regarding the allocation of resources interact in order to create and capture value. Yet with the growing entrepreneurial complexity, managers often end up pursuing conflicting and even paradoxical strategic goals, thus rendering the business modelling processes more complex, too. Well-known examples are profit versus social value, stakeholder versus company interests, exploration versus exploitation and environmental sustainability versus economic returns. The academic business model literature so far has provided limited insights on how to implement business models beyond a single goal and focused mainly on the initial strategic choice of a business model, ignoring that such salient tensions are often persistent and resurface within the business practice. In this study we leverage paradox theory to investigate how managers of creative firms make tactical choices to accommodate (not solve) salient tensions within their business models, focusing on the domains like services provided, choice of clients, networking and resourcing practices, revenue models and new venture creation. Based on qualitative case study research, we found four integrating and three differentiating decision-making tactics that managers deploy to create both economic and creative value through their business models. Adding to the business model theory, we show how business models are crafted in managerial practices by making tactical decisions to solve conflicts and paradoxes. The results equally enrich the paradox literature by providing for tactical-level approaches toward working through the paradox.     

Identifying success factors for female entrepreneurs using the AMO framework: Empirical evidence from Japan

This study applies deep insights from the ability, motivation, and opportunity (AMO) framework as an overarching theoretical perspective to identify critical success factors for female entrepreneurs. In doing so, it investigates how entrepreneurial persistence (i.e., motivation or “M”), together with prior venture experience (i.e., ability or “A”) and competitive intensity (i.e., opportunity or “O”) influence the success of women's entrepreneurial activities. Using data from 308 Japanese female entrepreneurs, we show a positive association between entrepreneurial persistence and female entrepreneurs' venture growth, which becomes stronger when prior venture experience and competitive intensity are considered. Most importantly, the three-way interaction between these factors maximizes the business performance of female entrepreneurs. Thus, venture growth is the highest in the presence of high levels of entrepreneurial persistence, prior venture experience, and competitive intensity. Our findings suggest that policy makers should improve the competitiveness of women-led ventures and create supportive business environments for female entrepreneurs.     

风险投资后期进入对企业创新绩效的影响研究--选择效应抑或增值效应?

由于上市带来的财富效应高于培育创新型企业的增值效应,中国资本市场信息不对称高,知识产权保护较弱,现阶段中国风险投资主要集中于创新型企业后期进入。本文首先用描述性统计揭示了中国风险投资后期进入创新型企业的特征;其次,阐述了中国风险投资后期进入对企业创新选择效应和增值效应的影响机理;最后,以创业板2009-2014年上市企业为例,采用双重差分倾向得分匹配法(PSM-DID),验证风险投资后期进入对创新型企业研发投入和研发绩效的影响,研究结果表明:后期进入的风险投资进入创新型企业前,对研发投入具有显著的选择效应,但对专利申请量的选择效应不显著;后期进入的风险投资进入后,对研发投入和专利申请量的增值效应均不显著。     

Coopetition in coworking-spaces: value creation and appropriation tensions in an entrepreneurial space

Coopetition has the potential to improve entrepreneurship and innovation. It will be prevalent in coworking-spaces building a growing field for individual and corporate entrepreneurship. The individuals’ physical closeness in the professional and social space of the coworking-space eases multifaceted transfers of explicit and implicit knowledge, stimulating creation, transfer, overhaul, and implementation of entrepreneurial ideas. While entrepreneurs in these coworking-spaces collaborate on sharing knowledge and resources and on finding creative ideas from which can breed new venture concepts, they simultaneously compete on the appropriation of values. Thus, entrepreneurs in coworking-spaces face coopetitive tensions of creating and appropriating the values. Based  on  interview data and secondary sources, this paper explains four different prototype institutions of coworking-spaces: the corporate coworking-space, the open corporate coworking-space, the consultancy coworking-space, and the independent coworking-space. Study explains different tensions of value creation and appropriation that occur within the coopetition in the different forms of coworking-spaces.     

先前工作经验、创业机会与新技术企业绩效——一个交互效应模型及启示

突出创业机会创新性的情境作用,研究了不同情境条件下创业者经验多样性、经验相关性贡献于新技术企业绩效的程度大小。结果显示,创业前所担任过管理职位的多样性越高、经验的行业相关性越强的创业者往往能收获更优越的新技术企业绩效。而创业机会创新性调节着上述影响机制,相对于创新性较低的机会而言,创新性较强的机会更依赖经验多样性高的创业者来收获更好的绩效,而难以通过经验职能相关性强的创业者来收获优越绩效。     

政府的公共补贴对风险投资的促进作用

结合信息不对称条件下的契约设计和存在双边道德风险的激励问题,考虑在风险投资者和创业者之间的最优契约关系中,政府的公共补贴对风险投资者和创业者之间的收益关系的影响。发现在风险投资者和创业者之间存在着一种"财富传递效应",即政府对风险投资者投资损失的补贴可以增加创业者的期望收益,因此这种补贴政策可以激励更多的科技人才和管理人才投入到创业活动中来。在没有政府公共补贴时,一些因投资价值相对较小而无法获得风险资本投资的项目,在有政府公共补贴后能够获得风险资本的投资,即政府的公共补贴不仅能增加风险资本的供给,也能增加创业企业对风险资本的需求。     

The Identity of Entrepreneurs: Providing Conceptual Clarity and Future Directions

The identity of entrepreneurs (IoE) has become a popular concept in entrepreneurship research, for example, to explain entrepreneurial behavior. Yet, despite growing interest in this topic, theoretical and terminological inconsistencies have hampered the development of a coherent understanding of the identity of entrepreneurs. I conduct a systematic literature review to provide an overview of different theoretical perspectives in IoE research and suggest consistent use of terminology and operationalizations. Further, I propose a framework to investigate the dynamic nature and multi‐level influences of the identity of entrepreneurs, and outline meaningful avenues for future research to unravel when, how, and with what consequences identity may become relevant in new venture creation.     

Cognition and Capabilities: A Multi-Level Perspective

Research on managerial cognition and on organizational capabilities has essentially developed in two parallel tracks. We know much from the resource-based view about the relationship between capabilities and organizational performance. Separately, managerial cognition scholars have shown how interpretations of the environment shape organizational responses. Only recently have scholars begun to link the two sets of insights. These new links suggest that routines and capabilities are based in particular understandings about how things should be done, that the value of these capabilities is subject to interpretation, and that even the presence of capabilities may be useless without managerial interpretations of their match to the environment. This review organizes these emerging insights in a multi-level cognitive model of capability development and deployment. The model focuses on the recursive processes of constructing routines (capability building blocks), assembling routines into capabilities, and matching capabilities to perceived opportunities. To date, scholars have focused most attention on the organizational-level process of matching. Emerging research on the microfoundations of routines contributes to the micro-level of analysis. The lack of research on capability assembly leaves the field without a bridge connecting the macro and micro levels. The model offers suggestions for research directions to address these challenges.     

Serial Entrepreneurs

This study focuses on the dynamic nature of entrepreneurship through an analysis of serial entrepreneurs, those individuals who engage in multiple start-ups, management buyouts, management buy-ins and combinations of these activities. The paper develops a typology of habitual entrepreneurship and then examines serial entrepreneurs in detail as a subset of such entrepreneurs. The processes involved and the effects of individuals undertaking sequential ventures are analysed. The study identifies three types of serial entrepreneurial behaviour namely venture repeaters, organic serials and serial dealmakers, distinguished by the motivations and the methods used to develop their ventures. Case-study evidence from the study also indicates that the role of active investors varies according to the type of serial entrepreneur and venture.     

Effectuation or causation as the key to corporate venture success? Investigating effects of entrepreneurial behaviors on business model innovation and venture performance

Corporate Venturing sets the stage for entrepreneurial behavior in order to create business model innovation (BMI). Moreover, prior literature indicates the importance of BMI as a source of performance advantage, especially in growing industries. However, an empirical examination of the effectiveness of entrepreneurial behaviors for achieving BMI is still lacking. Hence, this study investigates the effectiveness of effectuation and causation as primary entrepreneurial logics to create BMI. Analyzing data obtained from 128 corporate ventures with partial least squares structural equation modeling, the effectiveness of both entrepreneurial logics for BMI with respect to different industry growth levels is clarified: The results point out that both behaviors lead to BMI in situations of moderate industry growth while effectuation (causation) is more effective in high (low) industry growth settings. Furthermore, the results point out that BMI in turn enhances corporate venture performance. Thus, corporate entrepreneurs should carefully align their entrepreneurial approach with industry growth projections to effectively develop BMI and achieve high venture performance.     

Incumbent capability enhancement in response to radical innovations

Schumpeterian market disequilibrium marked by entrepreneurial entry and incumbent exit has long held an important place in management literature. The extant literature has overwhelmingly championed the newcomer, despite incumbents' obvious advantages in resources, experience and market knowledge. The current research provides evidence for the effectiveness of the incumbent's strategy of capability enhancement (along an established technological trajectory) while responding to radical technological innovations. We develop a cognitive process model that integrates managerial cognition with capability development and deployment views, depicting the dynamics of the incumbent's capability enhancement process. We analyze the cognitive drivers of organizational actions in all stages (rigidity, triggering event, and capability renewal) and elucidate the role of top management cognition in the processes of detecting and correcting errors in a strategic course of action. We ground our model in the case of a cork-stopper industry veteran's decline as corks ceded ground to screw tops and other stoppers in the wine industry. How a major company fought back in response to the emergence of these, in the industry context, radical technological innovations, provides the basis for our narrative. The proposed theoretical model contributes to literature on technology management (with regard to incumbent strategies in response to radical innovation threats) as well as the role of cognition in strategy (providing an explanation of the cognitive underpinnings of capability development).     

THE ORGANIZATION OF THE INNOVATION INDUSTRY: ENTREPRENEURS,VENTURE CAPITALISTS,AND OLIGOPOLISTS

We construct a model where incumbents can either acquire basic innovations from entrepreneurs, or wait and acquire developed innovations from entrepreneurial firms supported by venture capitalists. We show that venture‐backed entrepreneurial firms have an incentive to overinvest in development vis à vis incumbents due to strategic product market effects on the sales price of a developed innovation. This will trigger preemptive acquisitions by incumbents, thus increasing the reward for entrepreneurial innovations. We also show that venture capital can emerge in equilibrium if venture capitalists have cost advantages, or if development is associated with double moral hazard problems. (JEL: G24, L1, L2, M13, O3)