Abstract: With the promotion of the strategic deployment of "mass entrepreneurial and mass innovation" in China, the enthusiasm of the people for entrepreneurship has been ignited. However, the supply system of entrepreneurial funding in China is still not perfect, some new entrepreneurs are lost in choosing entrepreneurial orientation. Based on the GEM index system, this paper analyzed the influence mechanism of entrepreneurial funding on entrepreneurial orientation of new entrepreneurs, and also explored the mediating effect of entrepreneurial self-efficacy on entrepreneurial orientation of new entrepreneurs with the help of Social Cognitive Theory. The results showed that: (1) entrepreneurial funding can not only promote new entrepreneurs to pursue product research and development, but also encourage new entrepreneurs to implement scale expansion. Relatively speaking, financial support can better drive the scale expansion of new entrepreneurs, government projects and tax incentives can better motivate new entrepreneurs to pursue product research and development. (2) entrepreneurial funding can enhance new entrepreneurs the perception of entrepreneurial opportunities, self-ability and network relationships, and also improve the tolerance of entrepreneurial risks, their self-efficacy, furthermore, promote to realize scale expansion or pursuit of product development.(3) compared with OECD countries, financial supports, government projects and tax incentives of non-OECD countries need to be improved, that lead to the weakly incentive effect on new entrepreneurs pursuing product development.

摘要： 随着我国“大众创业、万众创新”战略部署的推进，国民的创业热情被点燃。然而，我国创业资助的供给体系仍不够完善，部分新生企业家在选择创业导向时存在迷失的情形。基于GEM指标体系，解析了创业资助对新生企业家创业导向的影响机制，并借助社会认知论探究了创业自我效能对创业资助影响新生企业家创业导向的中介效应。研究发现：(1) 创业资助不仅能促进新生企业家追求产品研发，还能推动新生企业家实施规模扩张。相对而言，金融支持更能驱动新生企业家实施规模扩张；政府项目和税收优惠更能激励新生企业家追求产品研发。(2) 创业资助能增强新生企业家对创业机会、自身能力及网络关系的感知度和对创业风险的容忍度，提升其创业自我效能，进而促进其实施规模扩张或追求产品研发。(3) 与OECD国家相比，非OECD国家金融支持、政府项目及税收优惠等创业资助体系尚不完善，因而对新生企业家追求产品研发的激励效应较弱。