Research On The Matching Of Supply And Demand Of China's Entrepreneurship Policies And Their Impact On Enterprise Performanc

After 40 years of struggles and hardworking in the reform and opening-up,China’s economic society has made remarkable achievements.The main contradiction in today’s Chinese society has been changed to the contradiction between the increasingly growing demand for a good life and unbalanced and insufficient economic development.Under the context of “new normal” in economy,employment and entrepreneurship have been highly valued.On the one hand,entrepreneurship can integrate industrial innovation and it is good for optimizing and upgrading the macro industrial structure.On the other hand,it is good for driving people’s employment with high quality and making contributions to enhancing people’s living standard and satisfying people’s needs in the new period.Nowadays,entrepreneurship has already become a new employment mode and an important driving force for China’s economic development.Driving employment with entrepreneurship not only can increase employment posts for social groups but also can realize the long-effect mechanism of economic growth and make contributions to high-quality social economic development and common prosperity of harmonious society.It is worth mentioning that entrepreneurial activities in China have faced many problems despite their thriving development in recent years.For example,start-ups are generally perplexed by a shortage of capital,inadequate technology,insufficient sites,financing difficulties,complicated procedures for acquiring certificates,incomplete infrastructure,and unmatched public services.Owing to these problems,the success rate of entrepreneurship and the survival rate of start-ups remain low in China.In the meantime,although China has launched a host of entrepreneurial policies and measures,their applicability,suitability,validity,and sustainability are weak.Besides,the actual implementation effect is unsatisfactory despite energetic implementation efforts.China’s current entrepreneurial difficulties result from conflicts between the inadequate supply of complete entrepreneurial policies and the demand for increasingly diversified and heterogenous entrepreneurial policies.It is thus urgent to pay attention to and solve the problems in formulating and improving entrepreneurial policies.Therefore,the study focuses on the macroscopic supply of entrepreneurial policies in China.Then it analyzes the supply-demand match of entrepreneurial policies and the influence mechanism,hoping to seek effective approaches to optimizing the supply environment of entrepreneurial policies in China.The study has completed the following tasks centered on entrepreneurial policies.(1)Research on the basic facets and phased evolution of entrepreneurial policy supply: Firstly,the study collected documents on entrepreneurial policies,scientifically defined the boundaries and research scope of entrepreneurial policies,and set up a base containing 470 documents on national entrepreneurial policies.Secondly,the study scientifically reviewed and quantitatively analyzed the basic facets of existing entrepreneurial policies from the perspective of intergovernmental relations,laws,and time series.Then a policy citation website was established to measure the efforts of formulating entrepreneurial policies and identifying core entrepreneurial policies.Lastly,a theme library on China’s entrepreneurial policies was constructed.Meanwhile,important incidents concerning China’s entrepreneurial development over the past two decades were referred to,and core and programmatic policy documents were read in detail from the time-series perspective.After that,the development of China’s entrepreneurial policies was divided into several phases to analyze the evolutionary characteristics of China’s entrepreneurial policies regarding policy theme and policy effort.Lastly,the paper studied the laws behind the evolutionary process of China’s entrepreneurial policies.(2)A 3D crossover analysis of entrepreneurial policies: Firstly,this section established an entrepreneurial policy instrument system and proposed the dimension of entrepreneurial laws based on previous findings concerning entrepreneurial policy laws.Then the development phase of entrepreneurial policy development was proposed as another dimension.Eventually,a 3D analysis framework for entrepreneurial policy instruments was established.Secondly,the policy instruments mentioned in partial text of entrepreneurial policies were divided into the units of analysis and artificially encoded.Thirdly,the policy instruments mentioned in the text of entrepreneurial policy were identified and automatically classified according to the PLM+MLP model proposed by the study.Lastly,the categories and efforts of applying entrepreneurship policy instruments underwent a 3D crossover analysis based on the automatic classification results of policy instruments and from the 3D perspective of policy instrument—legal level—development stage.This section analyzed the gains and losses of employing relevant instruments in China’s entrepreneurial policies,hoping to lay a solid research foundation for examining the problems of China’s entrepreneurial policies more deeply and provide a basis for guiding entrepreneurial subjects and practices through policies.(3)Research on the supply-demand match of entrepreneurial policies: Firstly,this section studied the entrepreneurial policy supply of China in recent two decades from the perspective of the supply-demand match and constructed a supply-demand match model for entrepreneurial policies.Next,a questionnaire survey was conducted to collect entrepreneurial subjects’ evaluation of the entrepreneurial policy supply and demand.Meanwhile,the sequence values of supply and demand were taken as concrete quantification means.Then the degree,environment,level,and type of matching were used as quantified indicators for measuring the match between policy supply and demand and conducting an empirical study of the supply-demand match of China’s entrepreneurial policies.On this basis,the match between entrepreneurial policy supply and demand was deeply analyzed regarding the entrepreneurial motive,development stage,corporate size,corporate category,and region.Lastly,the deviation between the actual supply of entrepreneurial policies and entrepreneurial subjects’ perception was analyzed based on questionnaire data and the text supply of entrepreneurial policies to find the reason for the mismatch between entrepreneurial policy supply and demand.These findings will provide theoretical support for formulating and optimizing entrepreneurial policies.(4)Research on entrepreneurial policies’ impacts on corporate performances:Based on the theoretical system of policy instruments and the questionnaire survey,this section comprehensively described the impacts of entrepreneurial policies on corporate performances from three perspectives: supply-oriented policy,demand-oriented policy,and environmental policy.Meanwhile,the entrepreneurial spirit was incorporated to conduct an empirical analysis and demonstrate the influence mechanism between entrepreneurial policies,the entrepreneurial spirit,and corporate performances.Firstly,the structural equation model was employed to conduct an empirical analysis of impacts between entrepreneurial policies of different categories,the entrepreneurial spirit on different levels,and the corporate performance on different dimensions,as well as the entrepreneurial spirit’s mediating impact between entrepreneurial policies and corporate performances.Secondly,heterogeneous enterprises were divided into several categories and analyzed based on the above-mentioned research findings to discuss the differences between each influence path’s impact on different enterprises.This section discusses how the entrepreneurial policy supply motivates the entrepreneurial spirit and improves corporate performances,hoping to enhance the success rate of entrepreneurship,enhance enterprises’ competitiveness,and eventually facilitate the healthy development of China’s innovative economy.The study’s innovations are mainly reflected in the following aspects:(1)Deepened quantitative research on the macroscopic supply of China’s entrepreneurial policies: Past research on entrepreneurial policies mostly targets a specific region or group,without comprehensively considering the status quo and development trends of China’s entrepreneurial policies.By comparison,this study focuses on the macroscopic supply of China’s entrepreneurial policies from a national perspective,which breaks regional and group limitations.This study constructed a comprehensive and strongly related text library for China’s entrepreneurial policies between 2001 and 2020,which can be employed universally,laying a foundation for this paper’s subsequent research and functioning as a basic database assisting other scholars in researching entrepreneurial policies.In addition,current research on entrepreneurial policies is oriented toward qualitative analysis,while the depth and width of quantitative analysis are significantly limited.By abandoning the single perspective of past research,the study expanded the research by analyzing the macroscopic supply of China’s entrepreneurial policies systematically and stereoscopically,including the intergovernmental perspective,the legal hierarchy,timeseries characteristics,relations between policy citations,the co-occurrence of themes,phased revolutionary characteristics,and a crossover analysis of policy instruments.Besides,each research link involves a quantitative analysis,and each research conclusion is supported by relevant quantitative research,which considerably enhances the study’s subjectivity and deepens the research on the macroscopic supply of China’s entrepreneurial policies.(2)Automatically classified policy instruments based on the text classification technique: Policy instruments have been the cornerstone of all kinds of policy research.Past research mostly classifies policy instruments with manual coding and reexamination,which are characterized by high subjectivity,a limited number of categories,and low efficiency of researching policy instruments.Besides,there has been no research on the automatic classification of policy instruments.The study’s innovation lies in building a classification model of policy instruments through the text classification technology based on the pre-training language model,which automatically classified policy instruments based on entrepreneurial policy text.The F1 value of the final test set reached 0.86,which meant a favorable classification effect.That the application of automatic classification technique to make this research to get more than ten thousand relatively accurate policy instruments classification data,for the subsequent entrepreneurial policy instruments 3D crossover analysis and entrepreneurial policy awareness deviation analysis provide a rich and solid data base,thus gained credibility higher and more valuable research results.This measure considerably raised the efficiency and objectivity of classifying policy instruments,providing a new idea for researching entrepreneurial policies and vast entrepreneurial policy instruments.(3)Refined research on the supply-demand match of entrepreneurial policies and paid attention to the perception basis of entrepreneurial policies from the perspective of the supply-demand match: Existing studies that analyze the policy demand-supply match are mostly confined to the research object’s overall matching degree,while few analyses involve research objects’ heterogenous matching characteristics.Contrarily,this study analyzed heterogenous enterprises’ entrepreneurial policy match from the perspectives of entrepreneurial motive,development stages,corporate size,and corporate type,and compared the supply-demand match of entrepreneurial policies in different regions.Then it summarized the characteristic pattern of heterogenous enterprises’ entrepreneurial policy supply-demand match and the levels for classifying the supply-demand match of entrepreneurial policies in different regions.In addition,existing studies seldom analyze the differences between the actual supply of entrepreneurial policies and entrepreneurial subjects’ perception from the perspective of the demand-supply match.On the contrary,this study compared and analyzed the research findings concerning the supply-demand match based on questionnaire data and those based on automatic classification of policy instruments,finding that entrepreneurial subjects have a significant perception bias regarding financial &taxation support,trade control,overseas exchanges,and other policy instruments.This study is not only conducive to completing and deepening theories on policy match,but also lays a foundation for optimizing the supply of entrepreneurial policies with targets.(4)Widened research on the influence mechanism of entrepreneurial policies,the entrepreneurial spirit,and corporate performance: Past research on the relations between entrepreneurial policies and corporate performance lacks comprehensive descriptions and overall considerations of entrepreneurial policies from the perspective of policy instrument.Besides,few scholars have deeply studied the mutual effect between entrepreneurial policies,the entrepreneurial spirit,and corporate performance.In light of these circumstances,the paper attempts to describe the mutual effect between entrepreneurial policies and corporate performance on three dimensions: supplyoriented policy,demand-oriented policy,and environmental policy.Besides,it employed the structural equation model to empirically analyze the mutual effect between entrepreneurial policies of different categories,the entrepreneurial spirit on different levels,and the corporate performance on different dimensions,as well as the mediating effect played by the entrepreneurial spirit between entrepreneurial policies and corporate performances.On this basis,the paper conducted a multi-group analysis according to enterprises’ heterogeneous characteristics and deeply discussed the differences between each influence path’s impact on diverse enterprises in different groups.The study’s findings further clarified and expanded the relations between entrepreneurial policy,entrepreneurial spirit,and corporate performance.It is beneficial for policy makers to further improve the precision and pertinence of policy formulation and improvement by accurately grasping the path of entrepreneurship policy influencing entrepreneurship and enterprise performance.The study is conducive to deeply analyzing the problems and deficiency of the macroscopic supply of entrepreneurial policies in China.Its analytical findings serve as a basis for formulating,revising,and improving Chinese entrepreneurial policies,as well as guiding entrepreneurial subjects and practice.In addition,the study helps to solve bottlenecks in China’s entrepreneurial development,give full play to entrepreneurial potential in the whole society,and provide impetuses for "mass entrepreneurship" and "driving employment through start-ups" in a larger range,on a higher level,and to a greater extent.