Abstract: In-depth exploration of influencing factors on conflict emergence between entrepreneurs of technological enterprise and investors is quite helpful to provide useful theoretical and practical reference value for the business practice and investment management. Based on grounded theory, this study refines the critical influence factors called GPEP model, which includes the game between entrepreneurs and investors, R&D risk preference, entrepreneurial environment and psychological mechanism. And，we also refine ten sub-categories．Moreover，this study explores the four influencing paths of main categories respectively.