Abstract

Introduction

Literature Review

Data Availability

Conflicts of Interest

Acknowledgments

References

Copyright

Abstract

This paper selects 93 high-tech enterprises listed in 2019 in China’s A-share market and comprehensively integrates six variables on three levels, namely, internal guarantee, internal incentives, and external institutions, through fuzzy-set qualitative comparative analysis (fsQCA). On this basis, a discussion was conducted about the multiple concurrent factors and various paths stimulating entrepreneurship. The results show that (1) a single factor does not necessarily lead to high entrepreneurship; (2) high entrepreneurship could be stimulated by four paths: driving mechanism with salary incentive as the core and market mechanism as the support, driving mechanism with government intervention and market mechanism as synergistic drivers, driving mechanism with equity and control power as dual drivers under external institutions, and driving mechanism with external institutions and internal incentives as joint drivers; (3) market competition plays an indispensable role in stimulating entrepreneurship, while management capability suppresses entrepreneurship; (4) nonhigh entrepreneurship could be generated by five paths, which are asymmetric relative to the configurations of high entrepreneurship.

۱٫ Introduction

Recent decades have witnessed the burgeoning of Internet technology and related industries. In the booming high-tech industry, entrepreneurship, i.e., the spirit of innovation, flourishes, as evidenced by the deployment of new supplydemand chains, the organization of new technological processes, the pilot of new business models, and the opening of new consumer markets. -e rising waves of innovation and entrepreneurship vividly depict how entrepreneurs take on challenges and pursue innovation

-e current era is featured by volatility, uncertainty, complexity, and ambiguity (VUCA). Entrepreneurship becomes the secret of sustained growth of high-tech enterprises and directly motivates the enterprises to make cutting-edge innovations. Instead of a personality, entrepreneurship is an action [1].

Entrepreneurs are rational actors based on institutions, seeking profits under the framework of institutions. -ey follow the trend under the constraints of institutional environment. Entrepreneurship requires a suitable institutional space. In essence, the institutional framework is a set of internal incentives, which determines the direction and density of entrepreneurial activities [2]. In the institutional environment, the changes in the internal incentives induce the configuration direction, degree of release, and evolution of entrepreneurship and thus affect the innovative and entrepreneurial behaviors of entrepreneurs [3]. In short, the internal system of an enterprise needs to shift its focus from agency cost to providing entrepreneurs with human capital incentives. In the meantime, the uncertainty of external institutions tests entrepreneurs’ courage to change and innovate all the time.

In the future, the era of digital intelligence will enter a new stage of development, and the industrial Internet will bring new market growth space. Entrepreneurship is a must for the rising tide of technological innovations. Properly combining the internal and external institutional drivers of entrepreneurship is of great practical significance to create a healthy growth environment for entrepreneurs, enhance the internal vitality and creativity of high-tech enterprises, and achieve high-quality development of high-tech industries.