The Impact Of Financial Support On Household Entrepreneurship

The innovative entrepreneurship is the driving force for economic growth.Under the current policy environment of China,“mass entrepreneurship and innovation” is also a key manner to improve social vitality,enhance people's sense of gain and relieve the employment pressure in China.As the optimal allocation decision of resources,finance is an important source of start-up capital and plays an important role in the promotion of entrepreneurial activeness.The “State Council's Guidance on Accelerating the Support Platform for Mass Entrepreneurship and Innovation” clearly puts forward to innovating the financial service mode,guide the venture investment fund support startups,support qualified enterprises listed on the GEM,NEEQ,etc.It can be seen that financial support is closely related to entrepreneurship,and it is of theoretical and practical significance to study the impact of financial support on entrepreneurship selection.Previous researches on financial support and household entrepreneurship selection are majorly based on micro survey data,focusing on the impact of financial development level on the entrepreneurial behavior of farmers.Few papers had took the regional financial environment and the impact of financial support on household entrepreneurship into consideration.This paper firstly constructs a financial support evaluation system to measure the provincial financial support by factor analysis.Secondly,it introduces composite index of financial support,as the regional financial macroeconomic variable into the empirical model,using the binary discrete Probit model of CHFS to test the impact of financial support on household entrepreneurship.This study finds that:(1)there are some regional differences in financial support,and the financial support of Jiangsu,Zhejiang,Shanghai,Guangdong and other eastern regions is higher than that of other regions;The developed financial market and active private capital make the eastern coastal areas have a higher entrepreneurial activity in the traditional sense,and their real economic performance is also good.(2)financial support has significantly positive influence on household entrepreneurship behavior,and the effect on urban areas to promote entrepreneurial behavior is quite significant,and the incentive role of household entrepreneurship in the eastern region is higher than of central and western regions;in the basic characteristics variables,household entrepreneurship is affected larger by level of household wealth,family scale and risk propensity.According to empirical results and the empirical analysis of the entrepreneurial financial support system in the major developed countries,this paper puts forward some policy suggestions on the household entrepreneurship choice of financial support family business based on China's national conditions.China should optimize the structure of financial support and increase the number of small and medium-sized financial institutions,set up multi-level capital market,play the role of a policy-oriented financial support along with market forces,deepen the combination of inclusive finance and entrepreneurship and solve “financing difficulties” of start-up enterprises,in turn,stimulate domestic entrepreneurial zeal and promote economic development.