摘要
在"大众创业,万众创新"战略推进的关键时期,本文考察了普惠金融对创业的影响和作用。基于中国家庭金融调查数据的实证研究发现,普惠金融的发展对创业具备显著的增进效应。考虑多种模型设定、不同自变量和因变量度量方式以及内生性问题讨论的稳健性检验均不改变本文的主要结论。在此基础上,本文对普惠金融影响创业的作用机制进行了检验。结果发现,普惠金融并没有通过缓解家庭资金约束来促进创业,普惠金融对创业的增进作用主要来源于对居民金融能力的提升。随后,本文实证检验了金融教育对普惠金融影响创业的调节作用。结果发现,随着金融教育的普及,普惠金融发展对创业的促进作用将加强。区分普惠金融不同维度可以发现,金融教育对普惠金融影响创业的调节作用,是通过提高金融服务使用度对创业的增进效应实现的。本文的研究表明,相较于传统金融发展,实现金融广化更有助于居民创业精神的激发。
As the economy transitions to more advanced versions of "the new normal", the Chinese government has issued a call for "mass entrepreneurship and innovation" to inject new vitality into economic development. A sound financial system plays a vital role in promoting entrepreneurship. The "Promoting Inclusive Financial Development Plan(2016-2020)" emphasizes that "It is necessary to improve the availability of financial services and substantially improve financial support for entrepreneurs, entrepreneurial college students, and disabled workers." This paper focuses on the relationship between financial support and entrepreneurial activities, and investigates the influence and role of inclusive finance on entrepreneurship. Using data from the 2015 China household finance survey, this paper finds that the development of inclusive finance has a significant positive impact on the improvement of entrepreneurial activities, and compared with the use of inclusive finance, its penetration has a more important and fundamental impact on entrepreneurship. The results of the mechanism test show that inclusive finance promotes entrepreneurship not by relieving the constraint of limited family funds, but mainly through the improvement of residents’ financial ability. Due to the popularization of financial education, the role of inclusive financial development in promoting entrepreneurship will be strengthened. Moreover, by distinguishing different dimensions of inclusive finance, it can be found that the moderating effect of financial education on the relationship between inclusive finance and entrepreneurship is realized by improving the enhancement effect of financial service usage on entrepreneurship. This paper’s research shows that compared with traditional financial development, the realization of financial expansion is more conducive to stimulating residents’ entrepreneurial spirit. Inclusive finance plays a significant role in promoting entrepreneurship, which can provide guidance for China in developing inclusive finance. First, it is necessary to improve top-level design and promote inclusive financial development. Top-level design will allow the overall financial system to better provide financial services to vulnerable areas, regions, and groups, and help the economy achieve fuller, more balanced development. Second, it is important to expand the breadth of services and improve their availability. To give full play to the supporting effect of inclusive finance on entrepreneurs, it is vital to reasonably distribute the network layout, sink the center of gravity of financial services, and get through the "last mile" of financial services. Third, it is important to focus on coordinated development and establish a financial service system that benefits all. Inclusive finance development should not only strengthen credit support, but also promote the upgrading of exchange media, improve payment and clearing services and expand risk management channels so that residents can fully enjoy the benefits brought by inclusive finance development.The contributions of this paper are as follows. First, the financial broadening perspective is vital for the study of financial support for entrepreneurship, but the supporting role of inclusive finance in entrepreneurship is at present rarely discussed. This paper studies the supporting role of inclusive finance in entrepreneurship from the perspective of financial expansion. Second, with the help of China household financial survey data and principal component analysis, this paper measures the level of inclusive finance from the micro perspective. Thirdly, most studies have focused on the impact of financing mechanisms on entrepreneurial activities. This paper studies the mediating effect of various financial capabilities, including capital supply and use of exchange media, risk perception and risk management, on the capacity of inclusive finance to promote entrepreneurship.
作者
李建军
李俊成
LI Jianjun;LI Juncheng(School of Finance,Central University of Finance and Economics)
出处
《金融研究》
CSSCI
北大核心
2020年第1期69-87,共19页
Journal of Financial Research
基金
国家社会科学基金重大项目课题《金融排斥、金融密度差异与信息化普惠金融体系建设研究》(项目编号:14ZDA044)资助。
关键词
普惠金融
创业
金融教育
Inclusive Finance
Entrepreneurship
Financial Education
作者简介
李建军,经济学博士,教授,中央财经大学金融学院,E-mail:jjlsh@126.com;通讯作者:李俊成,博士研究生,中央财经大学金融学院,E-mail:ljec._cufe@163.com.
