Research On The Impact Of Financial Literacy On Family Entrepreneurial Behavior

The rise of the entrepreneurial economy is an effective driving force for the steady transformation and sound development of the economy in the new era.The financial industry,as the main capital support for innovation and entrepreneurship,plays a vital role in the enthusiasm of the mass entrepreneurship.Therefore,studying the impact of financial literacy on entrepreneurial behavior from a family perspective has important theoretical and practical significance for the development of small and medium-sized enterprises and the provision of better services by financial institutions.Data from the 2015 China Household Finance Survey is made to measure the level of household financial literacy.The level of family financial literacy was measured to analyze the individual characteristics and entrepreneurial status of family members today,and to compare differences between urban and rural areas.Probit,IV-Probit and other empirical models are used to test the impact of financial literacy on entrepreneurial decision-making,entrepreneurial motivation and entrepreneurial performance of urban and rural households.Furthermore,the influence mechanism of financial literacy on entrepreneurial behavior is discussed and its effectiveness is empirically tested.The results show that financial literacy has a significant role in promoting entrepreneurial behavior.Individual financial literacy level can further promote individual entrepreneurial behavior by reducing their credit constraints,changing individual financing channel preferences and changing individual risk preferences.Financial literacy has different influences on family entrepreneurial behavior in urban and rural areas.Its influence in rural households is greater than that of urban households.Among them,the effect of objective financial skills is higher than that of subjective financial knowledge.Increasing residents' participation in the financial market to a certain extent can more effectively promote family entrepreneurship.In addition,age,gender,family size,number of married persons,whether they own real estate,education level,etc.have varying degrees of impact on entrepreneurial behavior.The following suggestions are made through analysis: Firstly,based on the macro level to enhance the level of financial literacy for all.Rely on the government to introduce relevant policies and measures to comprehensively improve the financial literacy level of residents.Secondly,expand the specific path of learning for all on the micro level.Integrate learning with various financial groups in society to improve financial literacy.Thirdly,improve the infrastructure construction related to entrepreneurship.Solve some environmental problems in the process of family entrepreneurship.