The aim of this study was to identify the influences of psychological capital (PC) on students' entrepreneurial intention (EI) in China's universities. The mediating effects of Entrepreneurial Capitals were also examined. Based on the analysis of the traditional capital and PC, the paper proposes that traditional capital is the direct factor to drive the behavior of entrepreneurship, while psychological factors do not directly affect EI, but improve EI by influencing traditional capital. A total of 1914 responses from universities in southeast China were analyzed using the structural equation modeling (SEM) approach to test study hypotheses. Results show that PC has a significant indirect impact on students' EI only through traditional financial, human, and social capital (SC). These results support the mediating role of the traditional entrepreneurial capitals in explaining the relationship between PC and EI. Additionally, the impact of SC on EI is higher than that of financial and human capital (HC). Finally, research limitations and implications are discussed and future research directions are suggested.

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Entrepreneurship is the main engine of economic development. This paper aims to explore the impact of high executives’ entrepreneurial spirituality (ES) on the business performance in China under the background of “mass entrepreneurship and innovation.” By analyzing the relevant literature of entrepreneurship, the connotation and elements of ES are determined. According to the relevant research, we design the questionnaire of ES and business performance. The questionnaire was distributed to 100 private enterprise entrepreneurs by equidistant sampling, and 74 valid questionnaires were recovered. According to the questionnaire, responsibility has the highest score, followed by innovation, proactiveness, and risk-taking. The ES of women is slightly higher than that of men. The entrepreneurs with higher education also have higher score in ES. After analyzing the impact of different elements of ES on enterprise performance using structural equation modeling (SEM) and regression equation model, it is found that: (1) ES has a positive impact on enterprise performance. (2) Different factors of ES have different effects on business performance, and innovation and proactiveness play the greatest role. (3) There is an inverted U-shaped relationship between innovation, risk-taking, and business performance.