社会流动性与城市创业活力:一个倒U形的解释  

Social Mobility and Entrepreneurial Vitality in Cities:An Inverted U-Shaped Explanation

作　　者：孙伟增 李怡凡 经菠 SUN Weizeng;LI Yifan;JING Bo(Joint Research Institute,Nanjing Audit University;Shanghai Advanced Institute of Finance,Shanghai Jiao Tong University;PBC School of Finance,Tsinghua University)

机构地区：[1]南京审计大学联合研究院,南京211815 [2]上海交通大学上海高级金融学院,上海200030 [3]清华大学五道口金融学院,北京100083

出　　处：《金融研究》2024年第9期189-206,共18页Journal of Financial Research

基　　金：国家自然科学基金项目(72274228、72342031)的资助。

摘　　要：本文首先通过理论模型阐释社会流动性与个体创业选择的非线性关系,然后利用中国综合社会调查数据和工商企业注册数据研究发现,社会流动性与城市创业活力之间“倒U形”关系拐点位于第52百分位数:半数城市位于“倒U形”关系拐点左侧,此时社会流动性提升有利于提高城市创业活力。机制分析表明,社会流动性的提升促进了高收益的机会型创业,但会对低收益的生存型创业产生先促进后挤出的影响,从而解释了整体创业活力“倒U形”趋势成因。分析表明,在创业机会成本较高的城市,社会流动性提升对于生存型创业的挤出效应更大;而地区创业风险的降低能够强化社会流动性对机会型创业的促进作用,同时削弱社会流动性对生存型创业的挤出效应。本文的研究结论不仅有助于理解社会流动性与经济增长之间的关系,同时能够为政府通过提高社会流动性激发创业潜力、提高创业质量提供了决策依据。Inequality of opportunity and low social mobility are significant barriers to human capital accumulation and optimal allocation of human resources.With the stagnation of productivity and middle-income growth,coupled with the advancement of technological and climate transitions,enhancing social mobility has become a crucial lever for revitalizing the economic growth.Since China's economic transformation has entered a new normal,facing domestic and international challenges,mass entrepreneurship has become vital in supporting the real economy,stimulating market vitality,constructing new development patterns,and promoting high-quality economic growth.Given the importance of social mobility as a labor market incentive,how will enhanced social mobility affect regional entrepreneurial dynamism?Can an open social structure stimulate greater entrepreneurial potential?These are the core questions this paper investigates.This paper constructs a theoretical model based on individual utility to elucidate the nonlinear relationship between social mobility and entrepreneurial choices.The model indicates that as social mobility increases,the opportunity cost of entrepreneurship rises while the associated risks decrease.This leads to a marginally diminishing upward trend or an inverted U-shaped trend in urban entrepreneurial dynamism.The decline in entrepreneurial dynamism is due to higher social mobility crowding out low-return entrepreneurship.By distinguishing between high-return and low-return entrepreneurship,the model shows that with enhanced social mobility,high-return entrepreneurship increases,while low-return entrepreneurship first rises and then falls,exhibiting an inverted U-shaped characteristic.Using data from the China General Social Survey(CGSS)and business registration data from 2005-2018,this paper finds a significant inverted U-shaped relationship between social mobility and urban entrepreneurial dynamism,with the inflection point at the 52nd percentile.Half of the cities lie to the left of the inverted U-shape

关 键 词：社会流动性 城市创业活力 创业类型 “倒U形”关系 

分 类 号：F27[经济管理—企业管理]