初创小微企业资金管理绩效影响因素实证研究

依据湖南省229家初创小微企业的调研数据，考量社会资本、政策支持对初创小微企业资金管理绩效的影响。实证表明：社会资本显著影响初创小微企业资金管理绩效；政策支持在社会资本与资金管理绩效中起调节作用，拥有良好政策支持的初创小微企业资金筹集管理绩效与运营管理绩效显著优于缺少政策支持的企业。初创小微型企业应不断丰富自身社会资本，积极利用政府提供的有利环境，提高资金管理绩效。

An Empirical Research on Influencing Factors of Startup Small and Micro Enterprises' Funds Management Performance

The effect of social capital and policy support on financial management performance is researched based on the survey data of 229 startup small and micro enterprises in Hunan Prov-ince.The empirical result shows that:social capital significantly affects startup small and micro enterprise's financial management performance;policy support plays a regulatory role between so-cial capital and financial management performance,namely,with a good policy support,startup small and micro enterprises'fund raising management performance and operational management performance is significantly better than without it.In order to improve financial management per-formance,start- up small and micro enterprises should continue to enrich their social capital, and to take an active use of enabling environment which provided by the government.