非正规借贷对创业活跃度的影响——基于社区层面的经验证据  

The Influence of Informal Loan on Entrepreneurship Activity:Empirical Evidence from Community

作　　者：黄惠春 袁俊丽 高仁杰 杨军 HUANG Hui-chun;YUAN Jun-li;GAO Ren-jie;YANG Jun

机构地区：[1]南京农业大学金融学院

出　　处：《中央财经大学学报》2021年第9期21-31,共11页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金面上项目“农业经营体系创新视角下抵押替代合约演进与融资效率研究”(项目编号:71873066)。

摘　　要：在双循环新发展格局下,提升创业活跃度,鼓励大众创业对促增收保民生以及扩大内需意义重大。本文利用中国劳动力动态调查(CLDS)2012—2016年三期的数据,采用Tobit和加入工具变量的IV-Tobit模型分析了社区非正规借贷对社区创业活跃度的影响,并利用家庭微观数据,检验了可能的作用机制。研究结果表明:(1)社区非正规借贷显著地提高了社区创业活跃度。考虑内生性问题、换用解释变量度量方式、改变模型设定以及替换被解释变量的代理变量的稳健性检验均不改变本文的主要结论。(2)影响机制研究发现社区非正规借贷通过两条路径提升了社区创业活跃度:一是提升社区家庭非正规渠道创业资金可得性;二是增强社区家庭社会网络。(3)进一步的异质性分析结果表明,社区非正规借贷对正规借贷发生率较低的社区、经济发达的城镇社区、东部地区以及社会网络欠发达社区创业活跃度的促进作用更大。Under the new dual-cycle development pattern,it is important to boost income and ensure people s livelihood and expand domestic demand by promoting entrepreneurial activity and encouraging mass entrepreneurship.Using the data from the China Labor Force Dynamics Survey(CLDS)2012-2016,we employ Tobit and IV-Tobit models with instrumental variables to examine the impact of community informal loans on community entrepreneurial activity and the possible mechanisms are also examined using family microdata.The results show that the community informal loan has a significantly positive effect on the activity of community entrepreneurship.We also find that the channels through which community informal loan affects the community s entrepreneurial activity are via the increase in the availability of informal loan and strengthen the social network of community households.Furthermore,it has a larger impact on communities with a low incidence of formal loans,urban communities,economically developed areas,and those communities with less developed social networks.

关 键 词：社区创业活跃度 非正规借贷 社会网络 融资约束 

分 类 号：F279.2[经济管理—企业管理]