The Effect Of Commercial Insurance On Residents Entrepreneurship

In 2020,due to the impact of the epidemic,China’s employment market environment has undergone major changes.In order to address this problem,Premier Li Keqiang held a State Council executive meeting,which proposed that we must implement the innovation-driven development strategy,further promote mass entrepreneurship and innovation,stimulate market vitality and social creativity,and support the employment and insurance market entities with new momentum.Before the outbreak of the new crown epidemic,innovation and entrepreneurship have been mentioned many times,China’s economy is at the stage of transformation from highspeed development to high-quality development.Innovation and entrepreneurship play an important role in many aspects,such as expanding employment,improving people’s livelihood,promoting the upgrading of economic structure,accelerating the vertical flow of society and achieving fair opportunities.But entrepreneurship is always a risk behavior,individuals who choose to start a business may face many risks,such as personal risk,property risk,credit risk,liability risk,pension risk,etc.,and the current social security policy has not been able to provide more comprehensive protection for all individuals,when residents participate in commercial insurance,the risks they face are transferred or dispersed as much as possible,will it promote their higher risk entrepreneurial activities? Will there be differences in the impact of commercial insurance on residents’ entrepreneurship due to different entrepreneurial motivations and individual residents,such as education level,hukou type,area of residence,social network,risk appetite,etc.? Further,what is the specific role path of commercial insurance in influencing residents’ entrepreneurship? Under the policy of "mass entrepreneurship and innovation",what role does commercial insurance play in residents’ entrepreneurial decision-making?In order to answer the above questions,this paper uses the panel data of four issues of the China Household Finance Survey(CHFS)in 2013,2015,2017 and 2019 to establish a Probit model to evaluate the impact of commercial insurance on residents’ entrepreneurship,establish a moderating effect model to evaluate the regulatory effect of commercial insurance under the "double innovation" policy,and establish a mediation effect model to test the mechanism of commercial insurance affecting residents’ entrepreneurship.The main conclusions of this paper are as follows:First,commercial insurance can significantly improve the probability of residents starting a business,and the probability of families with commercial insurance is on average increased by 4.33～6.09 percentage points compared with families without commercial insurance,which is still stable after replacing variables,changing samples and replacing regression models.Second,the heterogeneity of entrepreneurial motivation,heterogeneity of commercial insurance types,heterogeneity of household registration types and heterogeneity of education level will cause differences in the impact of commercial insurance on residents’ entrepreneurship,but the heterogeneity of residential area,social network heterogeneity and risk appetite will not make commercial insurance have a differential impact on residents’ entrepreneurship.Third,the proposal of the "double innovation" policy has significantly promoted residents’ entrepreneurship,and commercial insurance plays a positive role in it,that is,the dual innovation policy has a greater role in promoting residents’ entrepreneurship in households with commercial insurance.Fourth,commercial insurance promotes residents’ entrepreneurship mainly through two paths,namely to increase residents’ risk appetite and reduce household preventive savings.The research conclusions of this paper can provide reference for individual entrepreneurial decision-making in the context of economic transformation,and also find new growth points for the development of commercial insurance.