Abstract: Although returnee entrepreneurs possess outstanding resource endowments and enjoy abundant political policy supports, the entrepreneurial funding activity are still the primary challenge for them. Because capital market is rational, returnee entrepreneurs cannot absorb investments only based on their status as “returnee”. Therefore, they may encounter difficulties during funding activities. According to expectancy violation theory, this paper regards difficulties of entrepreneurial funding as funding expectancy violation, and tests the negative effect of funding expectancy violation on the satisfaction of the entrepreneurial funding environment. Additionally, we find that there exists a halo effect that funding expectancy violation is associated with other entrepreneurial environments. Funding expectancy violation can decrease returnee entrepreneurs’ satisfactions of the policy support environment and the infrastructure environment. It is indicated that difficulties of funding activities will also lead returnee entrepreneurs to blaming to the government and the construction of infrastructure . This paper contributes to expectancy violation literatures, and then provides another explanation of the reason why returnee entrepreneurs dissatisfy with the government.

摘要： 尽管海归创业者拥有优异的资源禀赋，同时享受丰厚的政策扶持，但创业融资活动对他们来说仍然是首要挑战。资本市场是理性的，海归创业者无法单纯依靠“海归”身份充分吸引外部资金，因而在融资活动中可能遇到困难。根据期望违背理论，本文将海归创业者在融资活动中遇到的困难视为融资期望违背，验证了融资期望违背与创业融资环境满意度之间的负向关系。此外，融资期望违背与其他创业环境满意度之间存在晕轮效应，融资期望违背对政策扶持环境、基础设施环境满意度有显著的负向影响，说明海归创业者在融资活动方面的不顺利，还会令其迁怒于当地政府的政策和基础设施建设。本文贡献于期望违背文献，并为海归创业者对政府不满的原因提供了一种新的解释。