居民金融素养对家庭创业决策及其回报的影响研究

Study on the Impact of Financial Literacy on Family EntrepreneurialDecisions and Returns

利用2013年和2015年中国家庭金融调查数据(CHFS)进行两期面板分析,通过对居民金融素养与家庭创业决策和创业回报关系的研究发现,金融素养的提高增加了家庭选择创业的概率,并显著增加了家庭的创业回报。从家庭财富和融资约束两个角度分析了金融素养影响创业的传导机制,金融素养水平的提高增加了家庭财富,同时改善了家庭创业面临的融资约束,尤其是增加了家庭正规渠道贷款可得性。以上研究结论为理解金融素养与家庭创业的关系提供了实证证据,其政策含义在于政府应重视居民金融素养的提高,利用不同途径普及金融知识,激励家庭创业和推动就业市场稳定。

Based on the data of China Household Finance Survey(CHFS)in 2013 and 2015,this paper conducted two periods of panel analysis on the relationship between financial literacy level of residents and family entrepreneurial decision and entrepreneurial return.It is found that the improvement of financial literacy increased the probability of families choosing to start their own businesses and significantly increases the entrepreneurial return of families.From the perspective of family wealth and financing constraints,this paper analyzed the transmission mechanism of financial literacy level influencing entrepreneurship.The improvement of financial literacy level increased family wealth,and at the same time improved the constraints of family entrepreneurship financing,especially the situation that families obtain loans from formal channels.The above conclusions provide empirical evidence for understanding the relationship between financial literacy and family entrepreneurship.The policy implication is that the government should pay attention to the improvement of residents'financial literacy,popularize financial knowledge through different ways,and better encourage family entrepreneurship and promote the stability of the employment market.