Research On The Influence Of Urban Entrepreneurship On Economic Growth In China

Since the 18 th National Congress of the Communist Party of China(CPC)held,the President Xi has repeatedly stressed the importance of "entrepreneurship",pointing out that entrepreneurs are important parts of the market,and the economic and market vitality comes from entrepreneurs.We should protect the development of entrepreneurship and encourage more social subjects to make innovations and set up business.At present,the economic growth of China has entered the "New Normal".It is urgent to optimize the economic structure to ensure steady economic grow steadily.At this critical stage,that how to excavate entrepreneurship to bring the new driving force to economic development has attracted increasing attention from the scholars.In this regard,many domestic scholars have explored the relationship between entrepreneurship and economic growth in multiple aspects,but the existing research is often based on inter-provincial macro data to verify whether the entrepreneurship of China promotes economic growth.Chinese regional economic development situation is different.With the continuous improvement of Chinese economic level in recent years,the stage of economic development is facing constant changes.Can entrepreneurship continue to promote economic growth? How does entrepreneurship contribute to economic growth under different circumstances? How can entrepreneurship play a better role into drive economic growth? These questions require us to examine the impact of entrepreneurship on economic growth from a new perspective.This paper used the urban panel data to investigate the effect of entrepreneurship on economic growth in China,which has positive significance for research on the relationship between entrepreneurship and economic growth in China.Firstly,this paper discusses the connotation of entrepreneurship,and find that the core contents of entrepreneurship is the spirit of innovation and enterprising.Secondly,we analyzes the mechanism of innovation spirit and enterprising spirit on promoting economic growth,and finds that innovation spirit promotes economic growth by promoting technological progress,and enterprising spirit promotes economic growth by promoting knowledge diffusion and improving the efficiency of resource utilization,but it may hinder economic growth when the external policy environment is not perfect.Secondly,on the basis of previous researches,this paper selects reasonable indicators to measure the innovation spirit and enterprising spirit of urban entrepreneurs,and investigates the level and development of the innovation spirit and enterprising spirit in different regions.Finally,With the two-way fixed effects model and the panel quantile regression model,this paper empirically explores the effect and heterogeneity of the innovation and entrepreneurship of Chinese urban enterprises on economic growth.The results show that :(1)the enterprising spirit of urban entrepreneurs in China has grown steadily;Before 2014,the growth rate of innovation spirit was relatively fast,and after 2014,the growth rate slowed down.(2)the enterprising spirit and innovation spirit of urban entrepreneurs in the eastern region has always been in the lead;The enterprisingspirit and innovation spirit in central region is growing rapidly.The development of enterprising spirit and innovation spirit in northeast region has stagnated.There is still a gap between enterprising spirit and innovation spirit level in western region and other regions.(3)Chinese enterprising spirit and innovation spirit have promoted economic growth,but the role of enterprising spirit in promoting economic growth has declined significantly with the improvement of economic level.(4)the higher the economic growth rate,the more important role innovation spirit playing in promoting economic growth,while the less important role enterprising spirit playing in promoting economic growth.According to the conclusion that regional governments should correctly understand enterprising spirit and innovation spirit level in their own regions combined with their own economic development situation,and formulate relevant policies and regulations to promote quality of enterprising spirit and innovation spirit,in order to make a better promotion in economic growth.