HOW THE SPIRIT OF INNOVATION, ADVENTURE IMPACT ON THE GROWTH OF ENTERPRISES

—Empirical Research on the Influence of Entrepreneurship Based on Data of Listed Companies

Liu Xingguo,zhang Hangyan

Abstract: Entrepreneurship is attracting increasing attention. This paper reviews the research literature on entrepreneurship, enterprise growth and their relationship, and 3 basic hypotheses and 16 subordinate hypotheses are proposed. With the panel data of 2321 listed companies in China after eliminating the missing items, using structural equation model analysis tool, through the model constructed by the paper, the various research hypotheses proposed in this paper are tested. Based on the sample company data, this paper calculates the level of entrepreneurship, and makes a simple analysis of the entrepreneurship of different types of enterprises. This paper tests the fitting between sample company data and the model, and finds that sample company data can fit well with the model. The implicit variable model test finds that the hypothesis that there is a causal relationship between risk-taking spirit and innovation spirit, and that risk-taking spirit has a significant negative impact on enterprise growth, has been strictly supported by the test. However, the hypothesis that there is a significant positive effect between innovation spirit and firm growth can't be strongly supported. But in observation variable level, only 4 subordinate hypotheses were tested rigorously. In addition, the study found that there were significant differences in the test results between subsamples and total samples, and there were significant differences in model matching and output results between sub-samples. Only private enterprises and manufacturing sub-samples can fit well with the model and export effective test results.

Keywords: Entrepreneurship;innovation Spirit;adventure Spirit;enterprise Growth