Entrepreneurial risk is an important factor that individuals must consider when starting their own business. The COVID-19 continues to rage, bringing great challenges to China’s economy and entrepreneurial activities. In this study, college students encounter greater entrepreneurial risks. There are two opposing views on the role of entrepreneurial risk in shaping individual entrepreneurial motivation: one view that risk is a threat, and the other view that entrepreneurial risk contains opportunity. Existing studies have discussed the issues from individual factors and environment factors, respectively, ignoring the combined effects of individual and environment factors. Person–situation transactions theory points out that individuals usually make their final behavior choices based on their comprehensive evaluation of environmental factors and themselves. Therefore, individual and environment factors should be integrated to investigate the effect of entrepreneurial risk on entrepreneurial motivation. Based on the person–situation transactions theory, this study establishes a theoretical model that entrepreneurial risk perception influences necessity and opportunity entrepreneurial motivation through entrepreneurial self-efficacy and discusses the moderating effect of entrepreneurship policy. A questionnaire survey was conducted on 595 fresh graduates from eight universities in China to obtain relevant data and the Structural Equation modelling was established to test the hypothesis. The results confirm that without the influence of external factors, college students regard entrepreneurial risk as a great threat, which not only weakens their entrepreneurial self-efficacy, but also reduces their necessity and opportunity entrepreneurial motivation. However, with the support of good entrepreneurial policies, entrepreneurial risk can be transformed into an opportunity to improve the entrepreneurs motivation driven by necessity of college students, but the impact on the opportunity motivation is not significant. This study deeply analyzes the dual characteristics of entrepreneurial risk perception in the process of shaping individual entrepreneurial motivation, expands the related research on entrepreneurial risk perception and entrepreneurial motivation, and has important implications for the government and universities to formulate entrepreneurial policies for college students.

Entrepreneurship is vital in solving the challenges involved in the employment of college students in China. The two viewpoints on the relationship between employment and entrepreneurship are the refugee effect and the entrepreneurial effect. However, the micro-mechanism of this association is yet to be comprehensively discussed. Based on the refugee effect and entrepreneurial effect, along with the entrepreneurial values as the mediating mechanism and the entrepreneurial environment as the moderating variable, this study establishes a theoretical model exploring the impact of employment pressure on necessity entrepreneurship and opportunity entrepreneurship of college students. Moreover, it selected 14 universities covering the eastern, central, and western regions of China. A total of 1,187 college students were surveyed anonymously using a standardized questionnaire. Then, SPSS 24.0 and Mplus 7.0 were employed to process and analyze the data, and the Structural Equation Modeling was established to test the hypothesis. The results demonstrated that employment pressure had a significant positive impact on college students’ necessity for entrepreneurship. Also, employment pressure indirectly affected necessity entrepreneurship and opportunity entrepreneurship through the mediating effect of entrepreneurial values. The entrepreneurial environment (a) positively moderated the relationship between employment pressure, necessity entrepreneurship, and opportunity entrepreneurship and (b) moderated the mediating effect of entrepreneurial values. That is, in a favorable entrepreneurial environment, entrepreneurial values have a stronger mediating effect. Starting from cognitive psychology, this study explored the micro-psychological mechanism of individual employment pressure that has influenced entrepreneurial motivation. It has enriched the existing literature on the entrepreneurship theory of college students, underlining that the hypothesis on refugee effect and entrepreneurial effect is also applicable at the micro-level. On top of that, it has provided a practical reference for the employment and entrepreneurship of current Chinese college students.

Will there be a greater sense of solidarity and friendship during public crises? This study aims to determine whether risk perception influences employees’ willingness to assist in times of public crisis, taking COVID-19 as a specific research scenario and based on the theory of “tend and befriend”. This study hypothesized that risk perception will influence employees’ helping behavior via the in-group identity, with the degree of impact dependent on the COVID-19 pandemic’s severity. A questionnaire survey of 925 practitioners from various industries in the pandemic area revealed that: risk perception has a positive influence on employees’ helping behavior; in-group identity plays a certain mediating role in the process of risk perception that influences employees’ helping behavior; and the severity of a local pandemic negatively moderates the relationship between risk perception and helping behavior, but positively moderates the relationship between risk perception and in-group identity. Specifically, employees in high-risk areas are more likely to “align” (higher degree of recognition by the in-group) but demonstrate less helping behavior, compared with those in areas with moderate and low risk from the COVID-19. By contrast, employees in low-risk areas display more helping behavior but have less in-group identity, compared with those in areas with moderate and high risk from the COVID-19. This study expands the research on the relationship between risk perception and helping behavior, enriches the research results on risk management theory, and provides a practical reference for risk governance.

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