A Research On The Informal Institutions,Risk Perception,Innovation Opportunity Decision

The rapid growth of the economy depends on the innovation of science and technology,and the innovation of science and technology needs a good institutional system of a country.The system of coordination function is composed of the formal system stipulated by the state and the informal system of social development and recognition.In the period of China's economic transformation,the economic development of enterprises is increasingly dependent on innovation.When the existence of intellectual property rights is difficult to obtain the effective protection of the formal system or the formal system for the maintenance of property rights is difficult,informal system can play a complementary or alternative role.The informal system become a strategic response of enterprises to deal with the change in development,and it also plays an important role in the growth of the national economy.According to the global entrepreneurship observation project(GEM)report,the informal system in different countries is not consistent in the development of enterprises,and there are different degrees of difference in the innovation of enterprises.These differences are not only reflected in the activity of the enterprise,but also in the process of the innovation decision of the entrepreneurs.That is to say,the same value system and concept is the premise for enterprises to carry out social division and recreation.Such a social division of labor can also be regarded as the result of endogenous and deductive in informal institutions.In fact,in the course of China's economic development where the market transformation is deepening,the informal system is always the specific expression of individual consciousness and spiritual dimension,so as to drive innovation.Therefore,the key to realize the innovation development of enterprises is that the informal system can encourage decision makers to actively explore the innovation opportunities that may exist in the innovation development of enterprises,and actively search for relevant information about the innovation opportunities,and ultimately improve the level of opportunity decision-making.At the same time,the internal and external environment often show diversification of market demand and shortened product life cycle,the flat structure transformation and industrial organization structure and other issues,these problems make the business environment more complicated and dynamic risk management decision,the incomplete information will be added in large enterprises,especially there may be non rational the behavior choice of risk in the face of crisis,further influence the effectiveness of risk response.As the highest leader and final decision-maker of an enterprise,entrepreneurs need to feel and understand objectively the risks that exist inside and outside the enterprise.Whether the decision is right or not is very important for enterprises to maintain their innovative advantages and achieve continuous innovation.Therefore,we believe that informal institutions can affect the decision-making level of entrepreneurs' innovation opportunities to some extent,and the ability of entrepreneurs to perceive risks and attitudes towards risk will also affect their decision-making level of innovation opportunities.On the basis of relevant research,the informal system is divided into three aspects of entrepreneurial spirit,corporate culture and social network.Combined with institutional economics theory,social cognition theory and behavioral decision theory,the hypothesis set of informal institution,risk perception and entrepreneurial innovation opportunity decision-making is constructed.On the basis of theoretical research,the development and demonstration of the questionnaire is carried out with the entrepreneur or the senior leader as the investigation object.This paper applies multiple regression and structural equation analysis to further study the interaction between the three aspects of informal system,risk perception and entrepreneurial innovation opportunities.It is found that entrepreneurial spirit,corporate culture and social network have a significant positive impact on the decision-making level of entrepreneurs' innovation opportunities.Entrepreneurs' risk perception is negatively related to innovation opportunities and decision-making.Risk perception plays an important role in entrepreneurial opportunities decision-making.Entrepreneurs take risky behavior because they perceive less risk and have the ability to control risks.Risk perception,as an intermediary variable,promotes the impact of entrepreneurial spirit,corporate culture and social networks on the decision-making of innovation opportunities to a certain extent.In addition,there are some cross effects between some factors of the informal system.This paper verifies that the more perfect the positive informal system is,the more the opportunity decision level of the innovative enterprise's sustainable innovation can be improved.Therefore,combined with the implementation of a good informal system and the ability of entrepreneurs to control risks,it will help innovative enterprises to make continuous innovation and development in opportunities and decisions.At the same time,this paper expands the theory of innovation opportunity decision making,and provides some theoretical guidance and practical reference for improving the ability and level of entrepreneur's opportunity decision.