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1、QAcademyofManagementReview2017,Vol.42,No.1,80–102.http://dx.doi.org/10.5465/amr.2014.0397RESOURCESANDRELATIONSHIPSINENTREPRENEURSHIP:ANEXCHANGETHEORYOFTHEDEVELOPMENTANDEFFECTSOFTHEENTREPRENEUR-INVESTORRELATIONSHIPLAURAHUANGUniversityofPennsylvaniaANDR
2、EWP.KNIGHTWashingtonUniversityinSt.LouisWedevelopatheoreticalmodel,groundedinexchangetheory,abouttheprocessthroughwhichrelationshipsbetweenentrepreneursandinvestorsdevelopandinflu-encethegrowthofnewventures.Ourtheoryhighlightsthemultifacetedrelationsh
3、ipsthatentrepreneursandinvestorsshare—comprisingbothaffectiveandinstrumentaldimensions—andthebidirectionalexchangesofsocialandfinancialresourcesthatbuildtheserelationshipsovertime.Anexchangetheoryperspectiveshedslightontheemergenceofdifferentpatternso
4、frelationshipdevelopmentovertimeandhowdifferentkindsofresourceexchangecontributetonewventuregrowth,contingentonthecoreproblemsthataventurefacesatagivenstageofdevelopment.Wediscussimplicationsofanexchangeperspectiveonresourcesandrelationshipsinentrepre
5、neurshipfortheory,research,andpractice.Whenyouaskpeoplewhatinvestorsneedtomakebuildingabusiness.Entrepreneursalsomustac-aninvestmentdecision,peoplewillinevitablysayquiresocialresources,suchasaccesstopartnersthattheylookforthebusinessplan,orapitchpre-a
6、ndadvicetohelphonethestrategicpositionofsentation.But,thereareactuallyalltheseothertheventure(Coase,1937;Connor&Prahalad,1996;“events”thatoccuroutsideoftalkingthroughthebusinessplanorwatchingapitchpresentation.Grant,1996;Kogut&Zander,1992).Investorswi
7、llmeettheentrepreneurfordinner,Entrepreneurshipscholarshavelongunder-they’llgoonatriptoaconferencetogether,they’llscoredtheimportanceofrelationshipsbetweenmeetforimpromptucoffeediscussions....Thereentrepreneursandinvestorsforenablingtheareallthese“dat
8、es,”andtheseeventsareanim-transferofresources(Aldrich&Zimmer,1986).portantpartoftheinvestmentdecisionprocess(O.Ammar,entrepreneurandangelinvestor,per-Relationshipsareconduitsthroughwhichfinan-sonalcommunication).cialandsocialresourcesflow,prom