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1818 JOURNAL OF COMPUTERS, VOL. 6, NO. 9, SEPTEMBER 2011 [5] Zeng hong. See the program design of web survey from Chinese internet users features [J].Economic Issues,2006(1): 145-147.(In Chinese) [6] Deng Julong. Basic methods of gray system [M].Wuhan: Publishing House of Huazhong University of Science and Technology, 2006. (In Chinese) [7] Xiong li, liang Liang and Wang Guo-hua. Method research on selection and valuation of numeric scale in analytic hierarchy process [J]. Systems Engineering-theory & Practice, 2005(3): 72-79. (In Chinese) © 2011 ACADEMY PUBLISHER Malin Song, corresponding author, is a teacher in School of Statistics and Applied Mathematics, Anhui University of Finance and Economics, Bengbu, Anhui, China. His major field of study includes management of computer manufacturing enterprise, credit risk, strategic alliance and eco-industrial park (E-mail: songmartin@163.com). He is the corresponding author of this article.
JOURNAL OF COMPUTERS, VOL. 6, NO. 9, SEPTEMBER 2011 1819 The Research on the Influencing Factors of Financing Strategy of Woman Entrepreneurs in China Xiong Xiong College of Management and Economics, Tianjin University ,Tianjin , China Email: xxpeter@tju.edu.cn Rong Fu, Wei Zhang, Yongjie Zhang College of Management and Economics, Tianjin University,Tianjin, China Email: diana1228cn@yahoo.com.cn, weiz@tju.edu.cn, yjz@tju.edu.cn Abstract—Based on the data from the nationwide surveys of SMEs in "China's Private Economic Research in 2002, this paper examines gender differences among Chinese entrepreneurs seeking financing pattern, including external and internal financing, and studies on the factors those affect women entrepreneurs’ financing strategies through theoretical analysis and model validation from the human capital and social capital perspective. We find that human capital and social capital have positive influence on seeking external financing. There is also some evidence that the impact in Administrative system may promote external financing in China. Index Terms—Women entrepreneurship, Human capital, Social capital, financing strategy I. INTRODUCTION With the development of economy, increasing women begin to start their own business, no matter in developed or developing countries. Although female entrepreneurship has drawn wide attention only in recent 20 years, the female entrepreneurship developed rapidly, and women enterprise has become an important driving force for the global economic growth. According to the GEM report (2005), female entrepreneurship is booming worldwide, and more than a third of entrepreneurs are woman. According to GEM 2007, the Chinese women's entrepreneurial activity index was as high as 11.16%, higher than the global average. However, contrast to the entrepreneurial enthusiasm, woman enterprises rely more on self-accumulation of capital and develop relatively slow. For the research on women entrepreneurs’ financing strategy, many scholars believe that there are some Corresponding author: Yongjie Zhang. © 2011 ACADEMY PUBLISHER doi:10.4304/jcp.6.9.1819-1824 Lin Xiong The Robert Gordon University ,Scotland, Aberdeen ,UK Email: l.xiong@rgu.ac.uk differences between male entrepreneurs and women entrepreneurs in financing patterns. Women entrepreneurs face more difficult in obtaining financing, and seem to have some specific financing [1]. Women face significant difficulties in external financing, particularly bank loans, venture financing. In the past 40 years, the United States about 40% of the enterprises are owned or managed by women, but less than 5% of the venture capital invest in the women-led enterprises [2]. In order to analyze this subject, scholars give various explanations from different points of view. On the supply side (behaviors of bankers and public funders), some scholars believe that women entrepreneurs encountered with some credit discrimination when seeking to external financing. Women were required higher interest rates and more additional conditions when applying for loan [3]. Using the methods of experimental and qualitative analyze, Sara Carter et al [4] found that the loans lenders assess different conditions when dealing with the application of loan from male and female appliers. When the variables such as business industry, credit market structure are controlled, women business owners still have to pay more for the loan, and there is no evidence to prove that women enterprises are greater risk than men’s. On the demand side (behaviors of women entrepreneurs), Orser [5] believe that women entrepreneurs are not that eager for business growth, and usually consider more on risks. In the process of applying for bank loans, women business owners are more negative, although their applications will not be easier to reject by banks. Some scholars also attempted to explain this phenomenon from human capital and social capital perspective. Nancy [2] find that only education level of women business owners has a significant impact on the choice of external equity financing strategy, while social capital is not directly affected.
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A Modified Technique for Analysis o
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