金融发展与企业家精神:来自中国省级面板数据的经验证据

Financial Development and Entrepreneurship:Empirical Evidence from Chinese Provincial Panel Data

熊彼特认为,企业家精神与金融发展具有重要联系。本文基于1998—2008年中国省级面板数据,采用系统广义矩估计法实证分析了金融发展对企业家精神的影响。分析发现,中国金融发展与创业精神而非创新精神具有显著的正向联系。文章的政策含义是,消除对民营经济的信贷约束及发展风险投资资本市场,对于企业家精神的培育十分重要。

An important link exists between financial development and entrepreneurship, which is Schumpeterian view of financial development. With the Chinese provincial panel data from 1998--2008 and System Generalized Method of Moments （SGMM）, the paper empirically researches the effect on entrepreneurship of financial development. The paper finds that finan- cial development has positive impact on business entrepreneurship rather than innovation entrepreneurship significantly. Empir- ical evidence indicates that, it is important to alleviate credit constraints for private economic sectors and develop venture capi- tal market in order to foster entrepreneurship.