Hangzhou , 2

Research on the Relation between College Students’ Psychological Capital,

Entrepreneurial Intention and Entrepreneurial Ability--Based on the

empirical analysis of the Chinese college students

1_{Zhejiang University of Finance and Economics, School of Business Administration, Zhejiang} Hangzhou 310018, Email: [email protected];

2 _{Zhejiang Gongshang University, Hangzhou Business School, Zhejiang Hangzhou, 310018,} Email: [email protected];

3_{Xiangtan University, School of Business, Hunan Xiangtan, 411105, Email: [email protected]}

Abstract

Taking the college students as the angle of view, the study constructs a theoretical model of the relationship among psychological capital, entrepreneurial intention and entrepreneurial ability. The research carried on an empirical analysis of survey data from college students in Hunan, Shanxi and Zhejiang three provinces in China on the theoretical model. Results indicate three conclusions: two dimensions of psychological capital, self-efficacy and optimism, have significant positive influence on entrepreneurial intention and entrepreneurial ability; toughness dimension of psychological capital have significant positive influence on entrepreneurial intention and opportunity recognition capability; but the hope dimension of psychological capital has no significant influence on entrepreneurial intention and ability. Conclusions of the research can help to optimize the entrepreneurial education reform in colleges in China.

Key words:

1. Introduction

Under the social background of incomplete college talent cultivation mechanism, unsound social employment system, asymmetric supply and demand in employment market, increasing scale of college enrollment makes the Chinese college graduates more difficult to hunt jobs. However, groups of college students start their own business and develop new market areas. It is undoubtedly a positive way to alleviate social employment pressure. In particular, in recent years, the ministry of education working conference and the 17th national congress explicitly put forward goals and countermeasures in ‘promoting employment development strategy with entrepreneurial drive employment’, which provide a good macro-environment for college students to start their own business. However, in the micro level, no matter from the perspective of entrepreneurial intention or entrepreneurial ability, the college students’ entrepreneurial level is lower.

Colleges generally use classroom teaching methods to strengthen the entrepreneurial education for this problem, but not fundamentally solve the problem. And the college student's entrepreneurship has proved, to business success in the knowledge economy, good psychological quality and full state of mind is the most fundamental factor. At the same time, many researches also concluded that psychological capital has the important influence for entrepreneurial intention and ability. The one, who can continue to have psychological capital, can be in active and dominant position in the fierce competition in the market, but there is a lack of exploratory research of this field. Therefore, we think it is necessary to carry out study suitable for China's college students' psychological capital, entrepreneurial intention and ability, thus puts forward specific entrepreneurial education reform measures, this also is the contribution of the study.

1 Literature Review and Research Hypothesis

1.1 Influence of psychological capital on entrepreneurial intention

Psychological capital first appeared in the literature of economics, investments and sociology. It is generally thought that psychological capital refers to some personality traits that can affect the

individual productivity. Along with the introduction of psychological capital in organizational behavior, more and more scholars pay more attention to those researches and applications of psychological resources or elements which guide positively, can be effective measured, developed and managed, and related to high performance [1]. In positive organizational behavior research, Luthans excavated and defined more deeply on the psychological capital. He thinks that psychological capital is constitute by individual positive psychological elements according with the standard of the POB, which includes confidence or self-efficacy, hope, optimism and resilience four aspects. These elements have positive, measurable, and developable characteristics [2]. Refer to Luthans’ research conclusion, the study believed that college students' psychological capital is psychological state and trait to point to in a period with relative stability, at the same time, through a series of measures to develop and intervention, in line with the positive behavior standard psychological state and trait, concrete including self-efficacy, hope, optimism, resilience four dimensions.

Domestic and foreign researchers pointed out that the intention is the best predictor in a planned behavior. Especially if this behavior is difficult to observe and with time lag, the intention can better predict the behavior. The research of Entrepreneurial intention derived from psychologists’ attention to Entrepreneurial behavior. Krueger & Carsrud (1993) made a study on entrepreneurial behavior, and found that predicting entrepreneurial behavior through the situational factors or individual factors, such as models of personality or demographic characteristics has lower explanation rate and predictive validity [3]. Entrepreneurial behavior itself is not a simple stimulating and reactive result, but a purposeful and planned behavior. It involves a series of cognitive process, for example, faith, attitude and intention, etc. Therefore, entrepreneurial intention can well predict entrepreneurial behavior; it is the similar degree of people with the qualities of entrepreneurs and the general description of people’s attitude and ability to business. (Krueger, Reilly and Carsrud 2000)[4]. Mitchell believes that entrepreneurial intention is a previous factor of implementing entrepreneurial behavior, a commitment degree to the entrepreneurial action and an ambition to practice of entrepreneurship [5]. We summarize scholars’ viewpoints and consider that college students' entrepreneurial intention is a kind of subjective attitude by potential student-entrepreneurs to entrepreneurial activity or not, which throughout the entrepreneurial activities. Specifically, entrepreneurial intention consists of three components, entrepreneurial intensity, entrepreneurial direction and entrepreneurial sustainability. Entrepreneurial intensity measures possibilities of startup business; Entrepreneurial direction refers to the scope of business choice; Entrepreneurial sustainability points to behavior of venture and duration of business growth.

Bandura (1986) and Ehen (1998) show that entrepreneurial self-efficacy as entrepreneurial preference measurement indicators, determines perseverance of the people to the activities; Oldham and Hackman (1980) also said, employees with hope work meaningful and feel strong sense of responsibility, even if the budget is limited, they are resourceful and with strong creativity [6]. Because they pursue unconventional and unusual path, entrepreneurship is a good path for their self-expression. They all have very strong entrepreneurial intention. Jeff Brice, JR. (2004) study effect on the entrepreneurial intention formation and the results show the correlation between conscientiousness, openness to experience and entrepreneurial intention, among them, conscientiousness stands for degree of individual hope. Carr emphasized, optimistic employees can actively interpret work events and have positive emotions, and at the same time, these positive emotions can widen their attention scope, make them easy to produce and accept new ideas, new practice and show more creation. Therefore, we believe that college students' psychological capital will affect entrepreneurial intention.

According to the above analysis, we put forward the following hypothesis: H1: Psychological capital can affect college students' entrepreneurial intention H1a: Self-efficacy can affect college students' entrepreneurial intention H1b: Hope can affect college students' entrepreneurial intention H1c: Toughness can affect college students' entrepreneurial intention H1d: Optimism can affect college students' entrepreneurial intention

1.2 Influence of Psychological capital on entrepreneurial ability

Entrepreneurial ability is an important factor with which entrepreneurs can improve the possibility of success at the early period of entrepreneurship with constraint resources. Entrepreneurial ability is a very complicated concept, and has not been given a relatively perfect definition by academia. Scholars

mainly do research from the following two perspectives: First, from the point of view of competitiveness, many scholars believe that personal ability and business performance have a strong relationship, therefore, entrepreneurial ability should be similar with management capacity (Boyatzis, 1982) [7]; Secondly, from the perspective of influencing factors of entrepreneurial ability, the same with other ability, entrepreneurial ability belongs to the category of cognitive activities, but not belong to the category of affective activity; the formation and play of entrepreneurial ability has close and inseparable relationship with emotion and will process (Peng Gang, 1995) [8].

We believe that college students' entrepreneurial ability is a practical and comprehensive ability of high degree performed in the entrepreneurial process, with stability in a certain stage; but in the whole business process, entrepreneurial ability shows dynamics, changes with the entrepreneurial practice. Entrepreneurial ability is played by two characters in the business process: entrepreneurial management role and general management role[9]. Entrepreneurial management role requires entrepreneurs must study their own entrepreneurial environment, choose profitable entrepreneurial opportunities and make feasible entrepreneurial strategy, while general management role focuses on the integration of enterprises resources, organization and coordination of enterprise operation, etc. Therefore, this research measures college students’ entrepreneurial ability by opportunity recognition capability and operation management ability.

We believe that the predictive power of self-efficacy to individual success is larger than individual actual ability, and self-efficacy can also have positive influence on job performance (Bandura and Locke, 2003) [10]. Second, Hisrich (1990) Gaglio & Taub (1992), and other scholars further prove that the individual characteristic and individual strong goal orientation help entrepreneurs to improve entrepreneurial alertness, and entrepreneurial alertness and opportunities cognitive ability have positive correlation. Besides, toughness has positive effect on the employees’ initiatives in the workplace[10]. Employees with strong toughness are not easy to succumb in the setbacks and difficulties, and they often can turn pressure into motive force, face difficulties bravely, rise to the challenge, create conditions to improve ability to recovery and study new knowledge actively[11]. Therefore, we put forward the following hypothesis:

H2: Psychological capital can affect college students' entrepreneurial ability H2a: Self-efficacy can affect college students' entrepreneurial ability H2b: Hope can affect college students' entrepreneurial ability H2c: Toughness can affect college students' entrepreneurial ability H2d: Optimism can affect college students' entrepreneurial ability

Given the concept model and hypothesis of this study of the summary, as shown in figure 1.

Figure 1 Conceptual model and hypothesis of psychological capital’s effect on college students' entrepreneurial intention and entrepreneurial ability

2 Research design

2.1 Research objects and data collection

Objects of questionnaires basically are undergraduate students in Hunan, Shaanxi, Zhejiang province, covers representative majors including science and technology, economics and management, and humanities. The issue principle is one student one questionnaire. We have issued 200

questionnaires and recycled 162 valid questionnaires. Among them, 86 questionnaires were collected through the network investigation and 76 valid questionnaires were collected in field survey, valid return rate is 81%. Data investigation started from early September 2011 and ended on late November 2011, lasting two months.

2.2 Research tools

(1) Measurement of the college students’ psychological capital. This scale includes 24 measurement items, measures the four dimensions of the college students' psychological capital, self-efficacy, hope, optimistic and toughness, respectively. We mainly refer to psychological capital questionnaire (PCQ - 24) developed by Luthans in 2005. (2) Measurement of the college students’ entrepreneurial intention. We mainly refer to entrepreneurial intention survey scale by Marco van Gelderen (2006), taking multiple variable measurement methods from entrepreneurs’ subjective judgment and objective preparation two aspects to survey samples’ entrepreneurial intention. At the same time, based on the college students’ specific situation, measure entrepreneurial intention from entrepreneurial intensity, direction and sustainability three dimensions. (3) Measurement of the college students' entrepreneurial ability. We mainly refer to scale by Marin (2009). Index system includes two indicators, the opportunity recognition capability and operation management ability, each dimension have six specific measurement terms. All scales in questionnaire are scored by Likert seven-scale, “1” stands for “strongly disagree”, and “7” stands for “strongly agree”.

2.3 Statistical Method

We first use reliability and validity analysis method to purify questionnaire, then use SPSS17.0 software for statistical analysis. The statistical analysis methods include described statistics, Pearson correlation analysis and multiple regression analysis.

3 Research results

3.1 Reliability and validity of measuring instruments

We first use CITC method (in the same variable dimension, the correlation coefficient of the sum of each measuring project with all other measurement project) to purify measurement project. As long as CITC value not less than 0.3 can reach the requirement (Lu Wendai, 2002). From the data result, self-efficacy CITC of SE3 project were 0.261 which should be deleted, because α coefficient is 0.846 after deleting the CITC and achieved the condition of the project measurement deletion; In the psychological capital dimension such as hope, CITC in HOP1 project is 0.177, and α coefficient turns to 0.742 from 0.689 after deleting the CITC, therefore, delete HOP1 projects; In the toughness measurement project, after removing RES5 in purification project, α coefficient is 0.790, with high reliability; Scale of optimism got purification after deleting OPT2; And CITCs of each measurement project in college students' entrepreneurial intention and ability are greater than 0.3 and don't need to purify.

In the premise of scale projects clarified, analysis of correlations between variables is required. Only public factors between variables have the possibility to carry out factor analysis. Therefore, we measure the KMO sampling adequacy and test Bartlett sphere to determine if factor analysis can be carried out. From the data, KMO of self-efficacy is 0.807 and significant probability of Bartlett inspection chi-square value is 0.000; KMO of toughness is 0.796 and Bartlett value is 0.000; KMO of optimism is 0.817 and Bartlett value is 0.000; KMO and Bartlett value of entrepreneurial intention are 0.886 and 0.000, respectively; KMO and Bartlett value of entrepreneurial ability are 0.885 and 0.000, respectively. It can be seen that measuring projects are in line with factor analysis requirements.

Finally, we adopt variance maximum rotation (Varimax) principal component analysis method to evaluate unidimendionality of all measuring projects. The method needs to extract principal component factors and select factors by Varimax, and the missing value can be in place of mean value. This research used 0.5 as the critical load factor judge and measure construct validity of the questionnaire. In conclusion, hope is divided into dimensions of two aspects. It can be found through the analysis that the HOP2, HOP3, HOP3 can be summed up in will and HOP4, HOP6 as the way, and all the other

projects are single factor structure. And, cumulative variance explained percentages of all items to each dimension are more than 50%, in line with the validity requirement.

After factor analysis, we continue to carry out reliability test between levels of scale and the total scale. The study adopted the commonly used method for testing the reliability—α coefficient created by L.J.Cronbcach. Generally, Cronbach’s α coefficient value more than 0.7 presents high internal consistency. But in the exploratory study, Cronbach 's α coefficient can be less than 0.6, but should be greater than 0.5 [13]（Joseph, 1992; Han Xiaoyun, Wang Xiaochun, 2003）. The study shows that only alpha coefficient of hope’s measuring projects greater than 0.6 and the rest are greater than 0.8, so the reliability is higher.

3.2 Descriptive analysis of the variable

We carried out descriptive statistical analysis to the factors and calculated the average value, maximum value, minimum value and standard deviation of all factors. Through the description of the statistical result, we can understand general condition of college students' psychological capital, entrepreneurial intention, ability in the samples. Details see table 1:

Table 1. Results of descriptive statistics of variables

Variables Min Max Mean S/D

Self-efficacy 1.40 7.00 4.58 0.8958 Will 1.00 6.33 4.61 0.8506 Way 1.00 7.00 4.08 1.1428 Toughness 1.80 7.00 4.95 0.8557 Optimism 1.00 7.00 4.31 0.9511 Entrepreneurial intention 2.38 7.00 4.84 0.8721 Opportunity recognition capability 2.67 7.00 4.99 0.9065 Management ability 2.20 7.00 4.42 1.0851

It can be seen from the table that there are some differences between mean values of each variable. The self-evaluation of college students' self-efficacy and toughness is higher and their minimum and mean values are higher than other three variables of the psychological capital. This shows that survey subjects have high confidence with the characteristics of high perseverance. In the aspect of entrepreneurial quality, students' entrepreneurial awareness and opportunity recognition capability are also slightly higher than management ability. This shows students generally have a certain enthusiasm and taste on entrepreneurship, but entrepreneurial practice operation ability is slightly insufficient.

3.3 Correlation analysis

This research used SPSS17.0 to carry out correlation analysis of relations between college students’ entrepreneurial quality and its antecedent psychological capital on the sample data, such as table 2:

Table 2. Pearson Analysis

Variables _efficacy Self- Will Way Toughnes_s Optimism E/I ORC MA Self-efficacy 1 Will 0.243** ₁ Way 0.091 0.444** ₁ Toughness 0.629** _0.278** _{0.135 1} Optimism 0.369** _0.304** _0.193* _0.587** ₁ Entrepreneurial intention 0.722** 0.300** 0.190* 0.773** 0.539** 1 Opportunity recognition capability 0.533** 0.330** 0.211** 0.686** 0.524** 0.763** 1 Management ability 0.611** _0.193* _{0.137 0.565}** _0.497** _0.650** _0.559** ₁ Note：** Correlation is remarkable when the significant level is 0.01(Two-tailed test). * Correlation is remarkable when the significant level is 0.05(Two-tailed test).

From the table 2 we can see that management ability has significant correlation with self-efficacy, will, toughness, and optimistic in p ﹤ 0.05 or p ﹤ 0.01, and correlation coefficients are 0.611, 0.193, 0.565, 0.497, respectively; And correlation coefficient points that management ability with self-efficacy and toughness are more than 0.5, therefore, which can be used to speculate, management ability and the four e independent variables have certain influence relationships.

Secondly, between the opportunity recognition ability and each variable of psychological capital, significant level has been achieved under the condition that p ﹤ 0.01. Thus, opportunity recognition capability and psychological capital have a certain correlation.

Likewise, between entrepreneurial intention and each variable of psychological capital, correlation coefficients under the condition that p< 0.01 or p> 0.05 are 0.722, 0.300, 0.190, 0.773 and 0.539, respectively, which achieve significantly correlated level, so it can show that entrepreneurial intention and psychological capital have a close connection.

3.4 Regression analysis of psychological capital on entrepreneurial intention and

entrepreneurial ability

(1) Regression of psychological capital on entrepreneurial intention

We carried out regression analysis of five optimized independent variables for entrepreneurial intention. The table shows, the influence of five independent variables on entrepreneurial intention has a high degree of explanatory power. The overall R2 has reached 0.705, which can explain the 70.5% variation of dependent variable, and adjusted R2 can reach 69.6%. In addition, we can see from the table that in the regression analysis on entrepreneurial intention, D - W statistic is 1.975. And it is generally considered that residuals are independent and there is no autocorrelation problem when D - W statistic is around 2. Thus, it can be seen that regression equation on entrepreneurial intention does not exist autocorrelation problems.

Table 3.

Regression model test on entrepreneurial intention

Error

Durbin-Watson Test

1 0.840a _{0.705 0.696 0.48108 1.975}

Note: Independent variables: (constant) Self-efficacy, Will, Way, Toughness, Optimism; Dependent variable: Entrepreneurial intention

From the results of significance test of the model which can be seen Table 4, significance level of F statistics P=0.000, indicating that model has remarkable regression effect with statistical significance.

Table 4.

Variance analysis test of entrepreneurial intention

Sum of Squares Degree of Freedom Mean Squares F Test Significance

Regression 86.355 5 17.271 74.624 0.000

Residual 36.105 156 0.231

Total 122.460 161

Note: Independent variables: (constant) Self-efficacy, Will, Way, Toughness, Optimism; Dependent variable: Entrepreneurial intention

Table 5.

Parameter estimation of regression equation on entrepreneurial intention

Variables Unstandardized coefficients Standardized coefficients t Sig Collinearity Diagnostics B Standard

error Beta Tol VIF

Constant term 0.115 0.281 0.411 0.682 Self-efficacy 0.378 0.055 0.388 6.899 0.000 0.598 1.672 Will 0.019 0.052 0.018 0.361 0.719 0.733 1.364 Way 0.049 0.037 0.064 1.308 0.193 0.797 1.254 Toughness 0.456 0.066 0.447 6.948 0.000 0.456 2.191 Optimism 0.106 0.050 0.115 2.105 0.037 0.630 1.587

In table 5, VIF of each independent variable is between 1.254 and 2.191. According to the standard of statistical test, variance inflation factor (VIF) less than 10 and Tolerance greater than 0.1 indicated that collinearity problem does not exist among variables, so in the regression analysis model of entrepreneurial intention, collinearity problem does not exist among variables. Therefore, we can see from the above tables that in the above seven independent variables, self-efficacy, toughness and optimistic has significant positive influence to entrepreneurial intention, standardization regression coefficients were 0.388, 0.447 and 0.115; It shows that the higher are self-efficacy, toughness and optimistic, the higher the entrepreneurial intention, so as to verify the establishment of above hypothesis H1a, H3a and H4a. But the influence of will and way that hope on entrepreneurial intention did not reach significant level.

(2) Regression of psychological capital on opportunity recognition capability

Use SPSS17.0 to do regression analysis on college students' opportunity recognition capability and get the following results:

Table 6.

Regression model test of opportunity recognition capability

Error

Durbin-Watson test

1 0.725a _{0.526 0.510 0.63433 2.043}

Note: Independent variables: (constant) Self-efficacy, Will, Way, Toughness, Optimism; Dependent variable: Opportunity recognition capability

Table7. Variance analysis test of opportunity recognition capability Sum of Squares Degree of Freedom Mean Squares F Test Significance

Regression 69.532 5 13.906 34.561 0.000

Residual 62.769 156 0.402

Total 132.301 161

Note: Independent variables: (constant) Self-efficacy, Will, Way, Toughness, Optimism; Dependent variable: Opportunity recognition capability

Table 8. Parameter estimation of regression equation on opportunity recognition capability Variables Unstandardized coefficients Standardized coefficients t Sig Collinearity Diagnostics B Standard error

Beta Tol VIF

Constant term 0.554 0.370 1.498 0.136 Self-efficacy 0.160 0.072 0.158 2.211 0.029 0.598 1.672 Will 0.093 0.069 0.087 1.354 0.178 0.733 1.364 Way 0.052 0.049 0.065 1.056 0.293 0.797 1.254 Toughness 0.490 0.086 0.463 5.666 0.000 0.456 2.191 Optimism 0.148 0.066 0.156 2.239 0.027 0.630 1.587

Note: Dependent variable: Opportunity recognition capability

Regression analysis between opportunity recognition capability and variables of psychological capital can be seen in Table 8. Self-efficacy, toughness and optimism have significantly positive effect on entrepreneurial intention, and standardized regression coefficients are 0.160, 0.490 and 0.148. At the same time, from the explanation of regression analysis model and results of variance analysis, we can see that adjusted R2 is 0.526, indicating that overall interpretation of the independent variable to dependent variable is 52.6%. F statistic reached significance level, indicating that the explanatory power of college students' psychological capital on opportunity recognition capability has statistical significance and hypothesis H1b, H3c, H4c have been verified. Thus, we can get the standardized regression equation of entrepreneurial intention: opportunity recognition capability = 0.158 self-efficacy + 0.463 toughness+ 0.156 optimism + residual ε.

(3) Regression of psychological capital on management ability

Use SPSS17.0 to do regression analysis on college students' opportunity recognition capability and get the following results: The influence of three independent variables on sustained performance has

high explanatory power. Overall R2 is 0.472, which can explain 47.2% of variation of the dependent variables, and adjusted R2 can reach 45.5%. In addition, from the table we can see that the D - W statistic in regression analysis is 1.839. According to the Durbin – Watson test, residuals of regression model are independent when D - W statistic is located between the value of du and 4 - du, therefore, the regression model does not exist the related problems.

Table 9. Regression model test of management ability Model R R2 _{Adjusted R}2 _{Estimated Standard}

Error

Durbin-Watson test

1 0.687a _{0.472 0.455 0.80088 1.839}

Note: Independent variables: (constant) Self-efficacy, Will, Way, Toughness, Optimism; Dependent variable: Management ability

From the results of significance test of the model which can be seen Table 10, significance level of F statistics P=0.000, indicating that model has remarkable regression effect with statistical significance.

Table 10. Variance analysis test of management ability

Sum of Squares Degree of Freedom Mean Squares F Test Significance

Regression 89.540 5 17.908 27.920 0.000

Residual 100.060 156 0.641

Total 189.600 161

Note: Independent variables: (constant) Self-efficacy, Will, Way, Toughness, Optimism; Dependent variable: Management ability

In table 11, VIF of each independent variable is between 1.254 and 2.191. According to the standard of statistical test, variance inflation factor (VIF) less than 10 and Tolerance greater than 0.1 indicates that collinearity problem does not exist among variables. Therefore, in the above five independent variables, self-efficacy and optimistic has significantly positive effect on management ability, standardized regression coefficients are 0.429 and 0.255; But t value of the will, the way and toughness didn't pass the significance test at the level of 5%. It shows that the explanatory power of college students' psychological capital on opportunity recognition capability has statistical significance and hypothesis H1c and H4c have been verified. Thus, we can get the standardized regression equation of management ability: management ability = 0.429 self-efficacy + 0.255 optimism + residual ε.

Table 11. Parameter estimation of regression equation of management ability Variables

Unstandardized

coefficients Standardized coefficients

t Sig

Collinearity Diagnostics B Standard

error

Beta Tol VIF

Constant term -0.065 0.467 -0.139 0.890 Self-efficacy 0.519 0.091 0.429 5.699 0.000 0.598 1.672 Will -0.070 0.087 -0.055 -0.806 0.421 0.733 1.364 Way 0.050 0.062 0.053 0.809 0.420 0.797 1.254 Toughness 0.195 0.109 0.154 1.787 0.076 0.456 2.191 Optimism 0.291 0.084 0.255 3.480 0.001 0.630 1.587

Note: Dependent variable: Management ability

4 Research conclusion and discussion

We collected data from university students in the three places (Hunan, Shanxi, and Zhejiang in China) and applied regression analysis to verify the hypothesis model . The research shows：College students' psychological capital is in the medium level, and scores of each measurement problem are between four to five; The influence of hope dimension of psychological capital on entrepreneurial intention and entrepreneurial ability is not significant; Besides that the influence of toughness on college students' management ability is not obvious, college students' self-efficacy, toughness and optimistic to entrepreneurial intention and entrepreneurial ability have a significant effect.

Based on the above conclusions, we regard that psychological capital intervention should be introduced into the process of entrepreneurial education reform. The research suggests that entrepreneurship education ought to pay attention to set up the hope, cultivate optimism, promote self-efficacy and enhance toughness and take operation promotion measures on the four aspects, based on psychological intervention model by Professor Luthans. For example, teachers can set up entrepreneurship practice groups and undertake entrepreneurial psychological capital training by group activities. The specific methods are: cultivate positive attribution, experience successful motivation, improve students’ ability of deploying resources, etc [14-16].

At present, many disciplines’ researches to university student's entrepreneurial quality and psychological capital have yielded results. We used as much as possible relevant theoretical achievements as a basis in the above study. But in view of the limitation of the research conditions and ability, there are two main shortages: (1) The scale taken by the research is modified from Luthans’ scale so it can't avoid deviation; Meanwhile, although we take mainstream research methods in the reliability and validity analysis, the method itself and scale’s details still need further investigation. (2)As the university student's entrepreneurial quality theory still belongs to exploratory theory, the classification of college students' entrepreneurial quality dimensions is not accurate. In addition, methods and effects are limited in the process of building model. Thus, it is required to redo the research with a variety of methods (such as analog simulation method, econometric analysis, etc.), continue inspection relied on repetitive large samples with representativeness of sampling, and gradually generalize study conclusion.

5. Acknowledgment

This work has been supported by the Natural Science Foundation of China (Project No. 71002092), Research Project in Humanities and Social Sciences by the Ministry of Education of China (Project No. 11YJA630158), Zhejiang Philosophy Social Science Planning Project of China (Project No. 12JCGL14YB) and the Research Center of Electronic Commerce and Network Economy of Hangzhou Normal University Project under Hangzhou key research base of philosophy and social science in China (Project No. 2012JD29).

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