市场化改革、金融发展与企业家精神

Marketization Reform, Financial Development and Entrepreneurship

中文关键词:  市场化改革  金融发展  协同效应  企业家精神  高质量型企业家精神  自选择机制  规模效应

英文关键词:marketization reform  financial development  synergy effect  entrepreneurship  high quality entrepreneurship  self-selection mechanism  scale effect

中文摘要:

      新时代高质量经济发展,需要充分发挥企业家精神,以探寻新增长动力。市场机制和资金供给能力是影响企业家精神的重要变量。基于2000—2017年省级面板数据,利用两阶段动态SYS-GMM估计方法,探析市场化改革、金融发展对企业家精神的影响。研究发现:(1)市场化改革和金融发展规模均能显著促进企业家精神。市场通过自选择机制和金融发展的规模效应,可以促进高质量型企业家精神。(2)金融发展的不同方面对企业家精神的影响存在差异。其中,金融发展效率低下、居民储蓄率偏高、资金配置效率扭曲是阻碍企业家精神的重要金融变量；动员社会资金功能则能够显著促进企业家精神。(3)市场化改革与金融发展规模对一般型企业家精神的协同效应显著为负,但由于市场的自选择机制和金融发展的规模效应,其协同效应可以显著促进高质量型企业家精神。

英文摘要:

      In the new era of high-quality economic development, it is necessary to give full play to the entrepreneurship to explore new growth sources. Market mechanism and capital supply capacity are important factors which affect entrepreneurship. Based on the 2000—2017 provincial panel data, using the two-stage dynamic SYS-GMM estimation method, this paper explores the impact of marketization reform and financial development on entrepreneurship. The results are:(1)Marketization reforms and the scale of financial development can significantly promote entrepreneurship.The market can promote high-quality entrepreneurship through self-selection mechanism and the scale effect of financial development. (2)There are differences in the impact of different aspects of financial development on entrepreneurship. Among them, the low efficiency of financial development, the high savings rate of residents, and the distortion of capital allocation efficiency are important financial factors that hinder entrepreneurship. Mobilizing social capital functions can significantly promote entrepreneurship. (3)The synergy effect of marketization reform and financial development scale on general entrepreneurship is significantly negative. However, the synergy effect on high-quality of entrepreneurship is positive due to the self-selection and scale effect of financial development.