| At present,China actively promotes the concept of "Mass Entrepreneurship and Innovation",and has issued a number of policies and preferential measures to stimulate the entrepreneurial vitality of family owned industry and commerce.However,at present,family entrepreneurship still lacks internal motivation,which may be caused by the lack of family financial literacy.Therefore,from the perspective of human capital,this paper discusses the relationship between financial literacy and family entrepreneurial decision-making,in order to study how to improve family entrepreneurial enthusiasm from different perspectives.Firstly,this paper combs the relevant theories of financial literacy and family entrepreneurship,and analyzes the influencing factors of family entrepreneurship,including insufficient initial wealth,liquidity constraints and weak risk tolerance.The improvement of financial literacy can help families participate in entrepreneurial decision-making,and promote family entrepreneurship by increasing family wealth accumulation,easing formal credit constraints and improving insurance market participation.Secondly,this paper uses the data of China Household Finance Survey(CHFS)in 2019 to determine the appropriate variable indicators,and selects logit model and intermediary effect model to empirically test the benchmark regression and transmission path of financial literacy supporting family entrepreneurial decision-making.The results show that financial literacy significantly promotes family participation in entrepreneurial decision-making,and supports family participation in entrepreneurship by accumulating family wealth,broadening financing channels and improving commercial insurance purchase.In the heterogeneity analysis,it is found that the improvement of financial literacy of urban families,risk preference families and high social interaction families has a positive and significant impact on their entrepreneurial activities.Finally,according to the empirical results,this paper puts forward relevant suggestions on how to improve the level of national financial literacy and promote families to participate in entrepreneurial activities from the macro,meso and micro perspectives of the government,financial institutions,families and individuals.From the perspective of the government,we should increase support for financial education,deepen inclusive financial policies and create a good business environment.From the perspective of financial institutions,we should strengthen financial education and publicity activities,innovate the business of financial institutions and improve the credit investigation system of family entrepreneurship.From the perspective of families and individuals,we should establish the awareness of learning financial knowledge independently,actively improve our entrepreneurial skills,and establish the concept of differentiated development. |
