The Impact Of Digital Finance On Home Entrepreneurship

"Mass entrepreneurship and innovation" was first proposed by Premier Li Keqiang in 2004.The 13 th Five-Year Plan for Promoting Employment proposed to stimulate the vitality of entrepreneurship and innovation.It has been mentioned in government work reports for many times since then.At present,the number of small and medium-sized enterprises in China is growing rapidly,and the entrepreneurial enthusiasm is constantly rising.The COVID-19 epidemic in 2020 has impacted the global economy.The Political Bureau of the CPC Central Committee has put forward the principles of "six stability" and "six security" for many times,and the first task is to stabilize employment.Entrepreneurship can not only form a new driving force for economic growth,but also relieve employment pressure,so entrepreneurship has once again become the focus of the public.Under the background of the research on how to better promote entrepreneurship become a problem need to pay attention to family,think of the classic literature,inhibits the family business,credit constraints and financial ease credit constraints to promote the development of family business,but the traditional financial often do not have universality and inclusive,and digital financial as the combination of digital technology and traditional financial,use of big data,mobile Internet,cloud computing and other technical breakthrough the limitation of the physical distance,has better universality,and there are few articles to explore digital financial impact on family business and the mechanism of action.Based on the data of China Family Finance Survey(chfs)in 2017,this paper uses the probit model to conduct an empirical study on the relationship between digital finance and family entrepreneurship,and uses quantile regression model and mediation effect model to investigate the influence mechanism and heterogeneity of digital Finance on family entrepreneurship.The results show that: Digital finance has a positive impact on family entrepreneurship,and the mechanism test finds that digital finance affects family entrepreneurship through two channels: Digital finance can use big data processing to ease the degree of information asymmetry between financial institutions and borrowers,so as to ease credit constraints,and then have a positive impact on family entrepreneurship;The use of digital finance can reduce the transaction cost,time cost of financial institutions,as well as the financing cost of borrowers.The reduction of cost enables more subjects to break through the capital threshold of entrepreneurship,so as to promote family entrepreneurship.Through the research on the heterogeneity of different types of entrepreneurship,it is found that digital finance has a more significant impact on active entrepreneurship,and also has a positive impact on survival entrepreneurship,but the effect is lower than that of active entrepreneurship.The results show that no matter how much financial knowledge is reserved,digital finance will promote family entrepreneurship,but the effect of digital Finance on samples with more financial knowledge is greater than that of samples with less financial knowledge.Further research finds that digital finance also has a significant positive impact on innovation activities in the process of entrepreneurship.Therefore,this paper gives the following policy recommendations:(1)improve the digital financial facilities to achieve inclusive development(2)We should strengthen the innovation of digital financial products and promote the work of innovation and entrepreneurship(3)Strengthen financial training,improve the level of financial knowledge(4)Maintain network security and strengthen digital financial supervision.