家庭财富对创业决策的影响——基于2018年CFPS数据的研究

The Impact of Household Wealth on Entrepreneurship Decision-Making: A Study Based on 2018 CFPS Data

本文使用2018年中国家庭追踪调查(CFPS)数据,采用二值选择模型、补对数-对数模型、倾向得分匹配模型分析家庭财富对创业决策的影响。经验分析结果显示:家庭财富与创业决策显著正相关,即家庭财富越多创业可能性越大。进一步细分家庭财富得出,住房资产和金融资产的持有与创业决策显著正相关;家庭财富水平的高低对于创业决策的作用存在异质性:家庭财富对于农村家庭的创业决策影响显著,对于城市家庭的影响则不显著;从区域角度来看,家庭财富对于中部、西部、东北部地区的样本创业决策影响显著,对东部地区影响则不显著。此外,正规融资和非正规融资从一定程度上满足创业者的资金需求,从而起到对创业决策的促进作用。

Based on the data from the 2018 Chinese Family Panel Studies(CFPS),this paper analyzes the influence of household wealth and financial constraints on entrepreneurial decision-making by using binarychoices model,complementary log-log model and propensity score matching model.The empirical analysis results show that household wealth is significantly positively correlated with entrepreneurial decisions,that is,the more household wealth,the greater the possibility of entrepreneurship,and the ownership of housing assets and financial assets is significantly positively correlated with entrepreneurial decisions.Household financial market participation has a substitution effect on entrepreneurship,and the higher the financial market participation,the lower the possibility of entrepreneurship.Under financial constraints,formal financing and informal financing to a certain extent meet the capital needs of entrepreneurs,thus playing a role in promoting entrepreneurial decision-making.