Knowledge-based Entrepreneurs, The Heterogeneity Of Human Capital Formation Mechanism

With economic restructuring and the intensification of market competition, entrepreneurs become one of the major forces to promote economic development. The role of entrepreneurial heterogeneous human capital on the business is to improve corporate performance and corporate sustainable development, which is the difference between entrepreneurial heterogeneous human capital and general human resources. Therefore, the entrepreneur's development has become the needs of the times, but how to become an entrepreneur even became the most important topic. Therefore, what features should entrepreneurs have, how to have these characteristics is also one of the issues the field is looking for answers.A thorough understanding of this issue and in-depth analysis can provide to understand the basis of many related social problems, but also be able to give advices to relevant academic research.As the complexity and diversity of information, knowledge and learning become the bridge which facilitates individual competitive advantage, core competitiveness of companies. Therefore, it is the necessary conditions for the entrepreneurs'formation and sustainable development of learning from a variety of sources. But what kind of knowledge can contribute to the formation of entrepreneurs, thus affecting entrepreneurship, what kind of knowledge can not be played on the formation of entrepreneurs, by what conditions the role of the corresponding knowledge affect the formation of entrepreneurs in the end.All these problems need to be analyzed and discussed.Therefore, the purpose of this study carried out empirical research to all these questions including the following aspects:(1)definition and dimensions of the entrepreneurial heterogeneous human capital;(2) knowledge categories that affect the entrepreneurial heterogeneous human capital; (3)the mediating role of entrepreneurial cognition between knowledge and entrepreneurial heterogeneous human capital, specifically including the relationship between knowledge and entrepreneurial heterogeneous human capital, and the relationship between entrepreneurial cognition and entrepreneurial heterogeneous human capital; (4) whether entrepreneurial cognition is moderated by the different risk preferences of entrepreneurs.This study does theoretical analysis, and uses questionnaire survey method to obtain research data. The validity and reliability is tested with a small sample of pre-test questionnaire. In large sample analysis, exploratory factor analysis and confirmatory factor analysis are carried out; further measuring items to the factors are adjusted. The results show that there are four dimensions in entrepreneurial heterogeneous human capital:autonomy, innovation, risk-taking, proactiveness. Entrepreneurs'knowledge includs academic knowledge, social network knowledge, entrepreneurial and industrial experience knowledge, and management practices knowledge. Entrepreneur social network knowledge is subdivided into core networks knowledge and supporting networks knowledge; management practice knowledge management can be divided into self-management knowledge, and knowledge of managing others and tasks.Through employing the PLS-based Structure Equation Model,entrepreneurial cognition doesn't play mediating role between entrepreneur's knowledge and autonomy dimension of entrepreneurial heterogeneous human capital. However, entrepreneurial cognition plays mediating role between entrepreneur's knowledge and innovation, risk-taking and proactiveness dimension of entrepreneurial heterogeneous human capital.In detail, entrepreneurial cognition plays completely mediating role between core-network knowledge and risk-taking and proactiveness dimension of entrepreneurial heterogeneous human capital.Entrepreneurial cognition plays completely mediating role between entrepreneurial-experience knowledge and innovation, risk-taking and proactiveness dimension of entrepreneurial heterogeneous human capital.Entrepreneurial cognition plays completely mediating role between self-management knowledge and innovation dimension of entrepreneurial heterogeneous human capital.Entrepreneurial cognition plays partially mediating role between self-management knowledge and risk-taking and proactiveness dimension of entrepreneurial heterogeneous human capital.Risk propensity plays moderating role between entrepreneurial cognition and autonomy, innovation and proactiveness dimension of entrepreneurial heterogeneous human capital.However, there is no moderating effect in the dimension of risk-taking. In order to verify this, we divide the sample into high and low level based on the risk propensity and conduct the regression analysis between entrepreneurial cognition and autonomy, innovation and proactiveness dimension of entrepreneurial heterogeneous human capital.About the high level, we find entrepreneurial cognition has significantly positive effect on autonomy, innovation and proactiveness dimension of entrepreneurial heterogeneous human capital.However, the other part is on the contrary.Finally, this study summarizes the conclusions, and points out the implication to theory and practice. The limitations of research and follow-up studies are proposed.