  Since the 1980s, technology business incubators (TBIs), which focus on
accelerating businesses through resource sharing, knowledge agglomeration, and
technology innovation, have become a booming industry. As such, research on
TBIs has gained international attention, most notably in the United States,
Europe, Japan, and China. The present study proposes an entrepreneurial
ecosystem framework with four key components, i.e., people, technology,
capital, and infrastructure, to investigate which factors have an impact on the
performance of TBIs. We also empirically examine this framework based on
unique, three-year panel survey data from 857 national TBIs across China. We
implemented factor analysis and panel regression models on dozens of variables
from 857 national TBIs between 2015 and 2017 in all major cities in China and
found that a number of factors associated with people, technology, capital, and
infrastructure components have various statistically significant impacts on the
performance of TBIs at either national model or regional models.
