非正式投资影响因素研究:基于浙江创业观察的实证分析

What Determines the Informal Investment:A Empirical Study Based on Zhe Jiang Entrepreneurship Monitor

虽然非正式资本是创业企业早期阶段重要的融资来源,但是并不清楚像中国这样的转型经济国家中个体非正式投资倾向的影响因素。文章利用浙江创业观察(2016)调查数据,从个体创业特质和创业活动参与两个方面,分析个体是否进行非正式投资以及他们的非正式投资去向的影响因素。研究结果表明,认识企业家和商业机会感知是影响个体非正式投资倾向两个最重要的因素,创业活动参与的不同类型对于个体的非正式投资倾向存在替代或者互补效应。文章最后对于发展非正式资本提出相应的对策建议。

Though the informal capital has been identified as a primary source of financing during the early stage of new entrepreneurial ventures,there is little research explaining the factors determining the propensity of individuals to make informal investments in a transition country like China. We use the data from Zhejiang Entrepreneurship Monitor（ 2016） to examine the characteristics of informal investors and the key determinant factors. The findings reveal that knowing entrepreneurs personally and perceiving new business opportunities are the most important factors influencing the informal investing propensity, involving entrepreneurial activities that have substitutive or complementary effects on informal investment. The findings provide important guidance for policy makers to increase informal capital supply.