风险态度对中国城乡家庭创业的影响分析——来自中国家庭金融调查3期面板数据的证据

Attitudes toward Risk and Family Entrepreneurship:An Empirical Analysis Based on China Household Finance Survey in 2011, 2013 and 2015

文章基于2011年、2013年和2015年中国家庭金融调查(CHFS)三期面板数据,实证研究了风险态度对中国城乡家庭创业决策和创业强度的影响,并对影响创业规模的作用机制进行了识别和检验。研究发现:(1)家庭风险偏好越高越有利于家庭作出创业决策和经营决策,通过工具变量对潜在的内生性问题进行处理后,这种影响依然显著,并且该效应在城镇居住的农村户籍家庭中表现得更为明显;(2)偏好风险的家庭更能拓宽正式和非正式融资渠道,缓解融资约束,从而更有利于其作出家庭创业和经营决策;(3)偏好风险的家庭具有更高的人际信任水平,从而更有可能进行家庭创业或提升创业规模。文章为理解风险态度影响家庭创业行为选择和家庭创业强度的作用机制提供了新的经验证据,从而为中国经济在由高速增长阶段向高质量发展阶段的转型过程中如何更好地激励家庭创业、促进初创企业融资提供了政策参考。

Based on the panel data of China Household Finance Survey(CHFS)in 2011,2013 and2015,this paper empirically studies the impact of attitudes toward risk on the entrepreneurial decision-making and intensity of urban and rural households in China,and identifies and tests the mechanism that affects the entrepreneurial scale.The results show that:(1)The higher the family risk preference is,the more favorable it is for the family to make entrepreneurial decisions and business decisions.After dealing with the potential endogenous problems through instrumental variables,the impact is still significant,and the effect is more obvious in the rural household registration families living in cities and towns.(2)Families with risk preference are more likely to expand formal and informal financing channels and ease financing constraints,which is more conducive to family entrepreneurial and business decision-making.(3)Families with risk preference have a higher level of interpersonal trust,so they are more likely to carry out family entrepreneurship or enhance the scale of entrepreneurship.This paper provides new empirical evidence for understanding the mechanism of attitudes toward risk influencing family entrepreneurial behavior choices and family entrepreneurial intensity,and provides policy reference for how to better encourage family entrepreneurship and promote the financing of start-ups in the process of China’s economic transformation from the high-speed growth stage to the highquality development stage.