企业家精神会影响资本账户开放的风险效应吗?

Can Entrepreneurship Influence the Risk Effect of Capital Account Openness?

本文基于面板平滑转换模型及97个国家和地区的跨国面板数据,实证研究企业家精神对资本账户开放风险效应的影响。结果表明,一国的企业家精神越强,则越有利于防范和化解由资本账户开放引起的金融风险;反之,一国企业家精神越弱,则开放资本账户越有可能加剧一国面临的金融风险。以上结论在不同的稳健性检验下均显著成立。基于这一发现,本文认为,企业家精神是影响资本账户开放风险效应的重要因素之一,因此,我国应将资本账户开放与企业家精神的培育相结合,在推进资本账户开放的进程中大力培育企业家精神,以防范和化解金融风险。这同时表明,"大众创业、万众创新"对于我国资本账户开放具有重要意义。

Abundant research have been conducted to analyze the influence of capital account openness on financial risk, but there has been no consistent conclusion so far. Scholars commonly believe that capital account openness has non-linear impacts on financial risks which will be affected by a series of macro factors such as institution and financial development.The purpose of this paper is to investigate the influence of entrepreneurship on the risk effect of capital account openness,which very few scholars has focused on.A new indicator constructed by Mthanti & Ojah(2017) is adopted to measure the level of entrepreneurship at national level. Based on the theoretical analysis, this paper empirically researched the effect of entrepreneurship on the risk effect of capital account openness using PSTR model and the panel data of 97 countries, and by dividing the sample into developed and developing countries, this paper further examined the national difference of the risk effect of capital account openness.Besides, two robustness checks were conducted to confirm the reliability of the results.The empirical analysis indicates that if the entrepreneurship of a country is at a relatively high level, it is beneficial to cope with the financial risk when this country opens its capital account. On the contrary, if the entrepreneurship of a country is at a relatively low level, opening the capital account could aggravate the financial risk that a country might confront.Besides, the gap of entrepreneurship is proved to be a possible reason for the national difference of the risk effect of capital account openness. The above conclusion is significant under the robustness checks.To reduce the financial risk caused by capital account openness, this paper provides three suggestions. First, we should energetically cultivate the entrepreneurship by constructing favourable environment for entrepreneurs;Second, we should gradually promote the openness of the controlled items of capital account on the basis that the entrepreneurship is sufficiently cultivated;Third, we should strengthen the anti-risk ability of enterprises by encouraging them to participate in cross-border investment and financing activities.