Research On Financial Literacy,academic Education And Family Entrepreneurial Behavior

Entrepreneurial economy is an important path to practice new development concepts,and entrepreneurial quality improvement is focus of theoretical circles and government departments.To this end,state has introduced series of policies and measures to support key groups such as entrepreneurs,migrant workers and college students to start businesses.Judging from current situation of entrepreneurship in our country,there are more presenting features of less risk traditional industries,low entrepreneurial income,new ventures’ short duration,and family entrepreneur ship’s high proportion,all closely related to low entrepreneurial quality.As important part of entrepreneurial quality,financial literacy undoubtedly plays important role in entrepreneurship.As systematic process including investment,financing and risk management,business plan formulation,financing plan planning,entrepreneurial risk control puts forward higher requirements for financial literacy of entrepreneurs and members.Improvement of financial literacy is conducive to cultivate and improve financial risk prevention awareness,investment and financial management ability of entrepreneurs and members,and is great significance to entrepreneurial economy practice.Therefore,this paper takes financial literacy as research focus.Family entrepreneurship is entrepreneurial activity that takes families as unit and not employed by others.Entrepreneurs are relatives of each other and have high degree of trust and interest sharing relationship.They can more calmly face entrepreneurial challenges and become important choice for Chinese entrepreneurs who attach importance to collectivism.Compared with individual entrepreneurship,family entrepreneurship can be both self-employed and corporate.Family entrepreneurial behavior includes dimensions such as family entrepreneurial choice,family entrepreneurial motivation and family entrepreneurial performance.Family entrepreneurship choice reflects family’s entrepreneurship behavioral appearance,family entrepreneurship motivation reflects family’s entrepreneurship internal behavioral motivation,discussing whether it is forced to make living or to discover better business opportunities or fulfill social responsibilities;Family entrepreneurship performance result family’s entrepreneurship reflects behavior.This paper construct theoretical framework for impact of financial literacy on family entrepreneurship behavior,and aims to solve following questions:(1)Does financial literacy have significant impact on family entrepreneurial behavior?(2)Does academic education have significant impact on family entrepreneurial behavior,and play significant moderating role in impact of financial literacy on family entrepreneurial behavior?(3)Does family entrepreneurial motivation play significant mediating role in impact of financial literacy on family entrepreneurial performance? Does academic education have moderating effect on family entrepreneurial motivation mediating effect?At empirical level,using 2019 data of China Household Finance Survey(CHFS),construct financial literacy evaluation index system from subjective financial knowledge and objective financial skills.Probit regression model and OLS regression model are used to empirically test impact of financial literacy and academic education on family entrepreneurial behavior,moderating effect model is used to analyze moderating effect of academic education in impact of financial literacy on family entrepreneurial behavior.Model analyzes mediating effect of family entrepreneurial motivation in impact of financial literacy on family entrepreneurial performance,conducts heterogeneity analysis,robustness test and endogenous analysis.The main conclusions are as follows:(1)The impact of financial literacy on family entrepreneurial behaviorAlthough family members with higher financial literacy are less likely to start business,but increase opportunistic entrepreneurship probability,and effectively improve family entrepreneurship performance.After further subdividing financial literacy,it is found that subjective financial knowledge improvement significantly reduces starting business probability of family members,and it cannot make entrepreneurial families more inclined to opportunistic entrepreneurship,but can significantly improve family entrepreneurial performance.Objective financial skills Improvement can significantly increase probability of family members to start business,and increase opportunistic entrepreneurship probability,,but cannot significantly improve family entrepreneurship performance.Family entrepreneurial motivation has partial mediating effect in impact of financial literacy on family entrepreneurial performance.(2)The impact of academic education on family entrepreneurial behaviorAlthough academic education improvement reduces probability of family members starting business,and increase opportunistic entrepreneurship probability but has no significant impact on entrepreneurial performance.Academic education has negative moderating effect between financial literacy and family entrepreneurial choice,indicating that academic education can weaken negative impact of financial literacy on family entrepreneurial choice,but moderating effect of financial literacy on family entrepreneurial motivation and family entrepreneurial performance is not significant.After further subdividing financial literacy,it is found that academic education has negative moderating effect between subjective financial knowledge and family entrepreneurial choice and family entrepreneurial performance,but moderating effect of subjective financial knowledge on family entrepreneurial motivation is not significant.Academic education has negative moderating effect between objective financial skills on family entrepreneurial choice and family entrepreneurial motivation,but moderating effect of objective financial skills on family entrepreneurial performance is not significant.(3)The impact of financial literacy on different characteristics family’s entrepreneurial behaviorBased on heterogeneity analysis of gender,marital status and household registration,this paper finds that financial literacy improvement reduces possibility of male and female entrepreneurship,only increases probability of male opportunistic entrepreneurship,but improves entrepreneurial performance of male and female;Financial literacy improvement only reduces possibility of entrepreneurship for families with spouse,and only increases probability of opportunity entrepreneurship for families with spouse,but it can effectively improve entrepreneurial performance of families without spouse and with spouse;Financial literacy improves entrepreneurial probability of rural households,reduces entrepreneurial probability of urban households,and only increases probability of opportunistic entrepreneurship of rural households,but improves entrepreneurial performance of rural and urban households.At the same time,this paper also analyzes impact of academic education on entrepreneurial behavior of different families characteristics,and draws relevant conclusions.Based on above conclusions,this paper draws following policy implications:,improve family entrepreneurship performance by comprehensively improving financial literacy level;fully integrating entrepreneurship education into academic education policy system;realize effective connection between financial education and entrepreneurship education;implement classified policies for entrepreneurial families with different household registrations and entrepreneurial motivations.