普惠金融的创业效应:理论机制与实证检验

The Entrepreneurial Effect of Inclusive Finance: Theoretical Mechanism and Empirical Test

普惠金融通过缓解金融排斥、降低服务门槛、提供多样化服务,直接促进居民创业;通过经济增长效应和人力资本效应,间接影响居民创业。本文基于省际面板数据,构建了固定效应模型和Sys-GMM模型。实证表明,无论是总体估计还是分地区估计,普惠金融的发展对居民创业均有显著的促进作用,而且普惠金融的"渗透度""可获得性"和"使用情况",也均会对创业产生显著的正向影响。本文还发现,普惠金融对居民创业的间接作用机制是成立的,其可以从提升金融服务覆盖率和可得性、强化普惠金融对居民创业的对口支持,以及加大金融资源和创业活动跨区域整合三个方面,为居民创业提供有针对性的支持。

Inclusive finance directly promotes entrepreneurship by alleviating financial exclusion, lowering service thresholds and providing diversified services. It also indirectly affects entrepreneurship through economic growth effects and human capital effects. Based on the provincial panel data, this paper constructs a fixed effect model and a Sys-GMM model. The empirical analysis shows that the development of inclusive finance has a significant role in promoting the entrepreneurship, both in terms of overall estimation and sub-regional estimation, And the infiltration, accessibility and usage of inclusive finance also have a significant positive impact on entrepreneurship. This paper also analysis the indirect mechanism of inclusive finance for entrepreneurship. Inclusive finance can provide targeted support for entrepreneurship from three aspects: improving the coverage and availability of financial services, strengthening the counterpart support of inclusive finance for entrepreneurship, and strengthening the cross-regional integration of financial resources and entrepreneurship activities.