不确定性环境下的创业决策与金融体系风险分担的创业鼓励  

Entrepreneurial Decision under Uncertainty and the Role of Risk-sharing of Financial System in Promoting Entrepreneurship

作　　者：赵征[1] 

机构地区：[1]武汉大学经济与管理学院金融系,湖北武汉430072

出　　处：《广东金融学院学报》2012年第5期3-15,共13页Journal of Guangdong University of Finance

基　　金：教育部人文社会科学研究青年基金项目(12YJC790284);武汉大学自主科研项目(人文社会科学;20110344);"中央高校基本科研业务费专项资金"资助项目

摘　　要：通过构建不确定性环境下综合考虑企业家才能和风险态度的创业决策模型,剖析缺乏风险分担导致的创业障碍,论证金融合约提供的风险分担对创业的鼓励效应,并在理论阐释的基础上归纳金融体系风险分担机制创新的历史轨迹及其对经济发展的效率贡献,结果表明,在不确定环境下,创业决策取决于个体的企业家才能和风险容忍度;寻求创业风险分担是企业家的固有需要;金融合约和交易结构的发展使风险分担机制趋于完备;现代金融体系为创业风险提供了灵活多样的分担机会和配置模式,使企业家得以在经济成长中充分发挥其创新才能。By establishing a model of entrepreneurial decision, considering both entrepreneurial ability and risk attitude under uncertainty and anatomizing the obstacle to entrepreneurship in absence of risk sharing, the author demonstrates the role of risk sharing provided by financial contracts in promoting entrepreneurship. Based on the theoretical analysis, the author summarizes the historical path of risk-sharing mechanism innovation in financial system and its contribution to economic development. The results of the study show that entrepreneurial decision depends on individual＇ s entrepreneurial talent and risk tolera- tion. Seeking for risk sharing is the inherent demand of entrepreneurs. Modern financial system provides diversified sharing opportunities and allocation patterns for entrepreneurial risk, so that entrepreneurs can give full play to their innovation talents in economic growth.

关 键 词：创业决策 金融体系 风险分担 创业鼓励 

分 类 号：F830.5[经济管理—金融学]