关键词: 新兴经济, 新创企业, 制度环境, 创业导向

Abstract: Introducing entrepreneurial orientation is the key for new ventures to achieve their strategic integration and improvement. Institutional environments have more important influence on enterprise strategic decision. From the view of exploitative innovation activities, this research analyses the concept of entrepreneurial orientation. Then taking the companies from Chinese Growth Enterprise Market (GEM) as samples, this article selects government intervention level, the level of investor protection and financial development level to examine the relationships among institutional environment and entrepreneurial orientation. The empirical results reveal several important findings. The government intervention level has a significant positive effect on entrepreneurial orientation, and the level of investor protection has a significant impact on entrepreneurial orientation. But the financial development level’s influence on entrepreneurial orientation is not significant.

Key words: emerging economy, new venture, institutional environments, entrepreneurial orientation