破产制度与失败再创业意愿——来自84个经济体的经验证据

Bankruptcy System and Willingness to Start a New Business after Failure:Empirical Evidence from 84 Economies

破产制度友好程度影响创业失败后的再创业行为。文章基于世界银行营商环境报告的“办理破产”指标,运用2009~2016年84个经济体的面板数据,分析破产制度影响失败再创业意愿的内在机制。研究发现:破产制度实施中的成本、时间、结果和重整对创业者失败后再创业意愿均产生显著影响,其中,办理破产的成本越高、时间越长,失败再创业意愿越高;破产结果为持续经营、破产重整程序指数越高时,再创业意愿越低。文章进一步检验了不同经济体的创业社会规范差异所起的调节作用,发现在认可度高和媒体正面宣传度高的经济体中,破产重整程序指数对失败再创业意愿的影响程度被减弱。文章对于国家破产制度设计、有效激活高质量连续创业具有启示意义。

Entrepreneur-friendliness of the bankruptcy system affects subsequent entrepreneurial behavior after entrepreneurial failure.Based on the bankrupt indicator of the World Bank’s Doing Business report,panel data from 84 economies from 2009 to 2016 is used to analyze the internal mechanism of the bankruptcy system affecting the willingness to start a new business after failure.The result is that the cost,time,outcome,and reorganization of the bankruptcy system have a significant impact on entrepreneurs’ willingness to start a new business after failure,with the higher the cost and longer the time of bankruptcy,the higher the willingness to start a new business after failure.This study also explores the moderating role played by the social norms of entrepreneurship and finds that the effect of the reorganization on the willingness to start a new business after failure is attenuated in economies with high levels of recognition and positive media publicity.These findings contribute to the design of the national bankruptcy systems and the effective activation of high-quality serial entrepreneurship.