| In 2017,the central government issued a special document for the first time,"Opinions of the State Council of the Communist Party of China on Creating a Healthy Environment for Entrepreneurship,Promoting Excellent Entrepreneurship,and Better Giving Full Play to Entrepreneurship",which established the value and status of entrepreneurship.In China's social environment that advocates high-quality economic development,the cultivation of entrepreneurship is particularly important.Entrepreneurs can drive the transformation and upgrading of China's industrial structure through innovation and entrepreneurial activities,better carry out innovation-driven strategies,and promote economic structural transformation.Whether it is innovation or entrepreneurship,the financial system is indispensable.Schumpeter proposed long ago that the core function of finance is to identify entrepreneurs who have the most motivation and ability to carry out "innovation" activities.By supporting entrepreneurs' innovation and entrepreneurial activities,they can promote technological progress and increase employment.As China's economy enters the new normal,studying the impact of financial development on entrepreneurial innovation and entrepreneurship will not only help China cultivate a financial system that supports entrepreneurship,but also promote the country's implementation of innovation-driven strategies.It has important theoretical and practical value.Based on theories of financial development and entrepreneurship,this article explains the theoretical mechanism of financial development on entrepreneurial innovation and entrepreneurship,and reveals that the financial system has an impact on micro entrepreneurial innovation by providing risk-sharing mechanisms and providing different financing channels.The function of alleviating credit constraints and improving resource allocation has promoted entrepreneurship in the region.Based on this,from the micro-enterprise main body to the macro-region,the A-share listed company and the Yangtze River Economic Belt were taken as the research objects,and a panel metering model and a Spatial Durbin Model were established to study the financial development for Chinese entrepreneurs' innovation and entrepreneurship during 2014-2018.In the end,the following research conclusions are drawn:First,the level of financial development in China as a whole is not high,and the financial system presents a multi-layered and diversified development trend;at the same time,the entrepreneur's innovative spirit and entrepreneurial spirit are increasing year by year;Second,Financial development can promote the innovative activities of listed companies in China,which is conducive to promoting the entrepreneurial spirit of innovation.Third,the development scale of the credit market can promote enterprises' innovative activities more than the development of the equity market,indicating that the bank credit market is in China's financial system It still occupies a major position.Fourth,the establishment time of A-share listed companies has a negative impact on the development of innovation activities.The longer the establishment time,the more it is not conducive to the innovation spirit.Fifth,the financial development of the Yangtze River Economic Belt is conducive to entrepreneurial activities in the region,but the impact of the scale of financial development on entrepreneurial entrepreneurship is significantly greater than the impact of financial development efficiency on entrepreneurial entrepreneurship;Sixth,the financial development of the Yangtze River Economic Belt has a significant negative spillover effect on entrepreneurship in the surrounding areasFinally,through empirical analysis,in order to better promote the entrepreneurial spirit and entrepreneurship of the financial system,this article proposes corresponding countermeasures. |
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