An Empirical Study: The Influence of Characteristics of Entrepreneur on the Financing Scheme of New Venture

The resource is critical to create a new firm, and entrepreneur is the organizer of entrepreneurial resource. Fund is the financial resource and the new venture often run into the financing dilemma. Given characteristics of the entrepreneur and financing schemes as key research factors, the former including the competence and motivation affect the acquisition and allocation of financial capital. The data is obtained from survey to the entrepreneurs of enterprises within Changchun Economic Development Area and High and New Technology Development Area in Changchun city of China. With 281 valid samples, five of six hypotheses are supported. As empirical results, entrepreneurial competence is positively related to debt financing and internal equity financing, negatively related to external equity financing; entrepreneurial motivation is positively related to debt financing and internal equity financing.