人力资本、家庭融资与农户创业决策——基于CFPS7981个有效样本的实证分析
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摘要
在中国农村地区,较低的人力资本水平和稀缺的金融资本往往制约了农户的创业决策。本文以静态职业选择模型为基础,构建了一个人力资本、家庭融资对农户创业决策影响的理论模型,并采用CFPS2016数据实证检验了人力资本、家庭融资对农户创业决策的直接影响和联动影响。实证结果显示,农村家庭受访者的学历教育、非学历教育和工作经历以及家庭正规和非正规融资的规模,对农户创业决策具有正向影响。进一步的研究证实,扩大外部融资规模对人力资本水平不同农户的创业决策影响不同。对人力资本水平较低的农户来说,外部融资支持政策对创业决策的促进作用不大。
In the rural areas of China, a low level of human capital and a lack of financial capital often restrict farmers' entrepreneurial decision-making. Based on a static career choice model, this article constructs a theoretical model of the impact of human capital and household financing on farmers' entrepreneurial decision-making. It uses the data of CFPS 2016 and establishes a Probit model to empirically test the direct impact and linkage effects of human capital and household financing on farmers' entrepreneurial decision-making. The empirical results show that the improvement of the level of education, non-academic education and work experience, as well as the expansion of formal and informal family financing scale, can increase the probability of farmers' entrepreneurship. Further analysis confirms that expanding the scale of external financing has various impacts on the entrepreneurial decision-making of farmer households with different levels of human capital. For farmer households with a low level of human capital, external financing support policy has little effect on promoting their entrepreneurial decision-making.
In the rural areas of China, a low level of human capital and a lack of financial capital often restrict farmers' entrepreneurial decision-making. Based on a static career choice model, this article constructs a theoretical model of the impact of human capital and household financing on farmers' entrepreneurial decision-making. It uses the data of CFPS 2016 and establishes a Probit model to empirically test the direct impact and linkage effects of human capital and household financing on farmers' entrepreneurial decision-making. The empirical results show that the improvement of the level of education, non-academic education and work experience, as well as the expansion of formal and informal family financing scale, can increase the probability of farmers' entrepreneurship. Further analysis confirms that expanding the scale of external financing has various impacts on the entrepreneurial decision-making of farmer households with different levels of human capital. For farmer households with a low level of human capital, external financing support policy has little effect on promoting their entrepreneurial decision-making.
引文
1.陈昭玖、朱红根,2011:《人力资本、社会资本与农民工返乡创业政府支持的可获性研究——基于江西1145份调查数据》,《农业经济问题》第5期。
2.程郁、罗丹,2009:《信贷约束下农户的创业选择——基于中国农户调查的实证分析》,《中国农村经济》第11期。
3.蒋剑勇、钱文荣、郭红东,2014:《农民创业机会识别的影响因素研究——基于968份问卷的调查》,《南京农业大学学报(社会科学版)》第1期。
4.李华婷,2013:《FDI、国内投资、人力资本对中国经济增长促进的实证研究——以江苏、浙江、山东为例》,《东南大学学报(哲学社会科学版)》第S2期。
5.李建民,1999:《人力资本与经济持续增长》,《南开经济研究》第4期。
6.李祎雯、张兵,2016:《非正规金融对农村家庭创业的影响机制研究》,《经济科学》第2期。
7.刘杰、郑风田,2011:《流动性约束对农户创业选择行为的影响——基于晋、甘、浙三省894户农民家庭的调查》,《财贸研究》第3期。
8.卢亚娟、张龙耀、许玉韫,2014:《金融可得性与农村家庭创业——基于CHARLS数据的实证研究》,《经济理论与经济管理》第10期。
9.王晓文、张玉利、杨俊,2012:《基于能力视角的创业者人力资本与新创企业绩效作用机制研究》,《管理评论》第4期。
10.杨轶清,2009:《企业家创新能力来源及其生成机制——基于浙商“低学历高效率”创业现象的实证分析》,《浙江社会科学》第11期。
11.张广胜、柳延恒,2014:《人力资本、社会资本对新生代农民工创业型就业的影响研究——基于辽宁省三类城市的考察》,《农业技术经济》第6期。
12.Balmaceda,F.,2018,“Entrepreneurship:Skills and Financing”,Small Business Economy,50(4):871~886.
13.Becker,G.S.,“Human Capital:A Theoretical and Empirical Analysis with Special Reference to Education”,Chicago:The University of Chicago Press,1994.
14.Buera,F.J.,2009,“A Dynamic Model of Entrepreneurship with Borrowing Constraints:Theory and Evidence”,Annals of Finance,5(3-4):443~464.
15.Davidsson,P.,and B.Honig,2003,“The Role of Social and Human Capital among Nascent Entrepreneurs”,Journal of Business Venturing,18(3):301~331.
16.Deaton,A.,“Saving and Liquidity Constraints”,Econometrics,1991(59):1221~1148.
17.Evans,D.S.,and B.Jovanovic,1989,“An Estimated Model of Entrepreneurial Choice under Liquidity Constraints”,Journal of Political Economy,97(4):808~827.
18.Flavin,M.A.,“The Adjustment of Consumption to Changing Expectations about Future Income”,Journal of Political Economy,1981(5):974~1009.
19.Gartner,W.B.,1985,“A Conceptual Framework for Describing the Phenomenon of New Venture Creation”,Academy of Management Review,110(4):696~705.
20.Holtz-Eakin,D.,H.S.Rosen,and D.Joulfaian,1994,“Entrepreneurial Decisions and Liquidity Constraints”,the RANDJournal of Economics,25(2):334~347.
21.Hurst,E.,and A.Lusardi,2004,“Liquidity Constraints,Household Wealth,and Entrepreneurship”,Journal of Political Economy,112(2):319~347.
22.Marvel,M.R.,and G.T.Lumpkin,2007,“Human Capital and Its Effects on Innovation Radicalness”,Entrepreneurship:Theory and Practice,31(6):807~828.
23.Parker,S.C.,2006,“Self-employment and the Labor Market”,the Oxford Handbook of Entrepreneurship,435~460.
24.Paulson,A.L.,and R.Townsend,2004,“Entrepreneurship and Financial Constraints in Thailand”,Journal of Corporate Finance,10(2):229~262.
25.Priyanto,S.H.,and S.Iman,2005,“Relationship between Entrepreneurial Learning,Entrepreneurial Competencies and Venture Success:Empirical Study on SMEs”.International Journal of Entrepreneurship and Innovation Management,5(5/6):454.
26.Robson,P.J.A.,C.K.Akuetteh,P.Westhead,and M.Wright,2012,“Innovative Opportunity Pursuit,Human Capital and Business Ownership Experience in an Emerging Region:Evidence from Ghana”,Small Business Economics,39(3):603~625.
27.Sahlman,W.A.,1999,“Some Thoughts on Business Plan:The Entrepreneurial Venture”,New York:HBS Publication.
28.Sch?fera,D.,O.Talavera,and C.Weir,2011,“Entrepreneurship,Windfall Gains and Financial Constraints:Evidence from Germany”,Economic Modelling,28(05):2174~2180.
29.Schultz,T.W.,1963,“The Economic Value of Education”,New York:Columbia University Press.
30.Siqueira,A.C.O.,2007,“Entrepreneurship and Ethnicity:the Role of Human Capital and Family Social Capital”,Journal of Developmental Entrepreneurship,12(1):31~46.
31.Tobin,J.,1967,“Life-Cycle Savings and Balanced Economic Growth”,in W.Fellner(eds.),Ten Essays in the Tradition of Irving Fisher,Wiley Press,pp.231~256.
32.Zeldes,S.,and P.Stephen,1989,“Consumption and Liquidity Constraints:An Empirical Investigation”,Journal of Political Economy,97(2):305~346.
(1)数据来源:2014年~2017年《中国国民经济和社会发展统计公报》。
(2)数据来源:国家统计局,2016:《中国人口和就业统计年鉴》,北京:中国统计出版社。
(1)限于篇幅,具体分析结果在此略去,如有需要可与作者联系。
2.程郁、罗丹,2009:《信贷约束下农户的创业选择——基于中国农户调查的实证分析》,《中国农村经济》第11期。
3.蒋剑勇、钱文荣、郭红东,2014:《农民创业机会识别的影响因素研究——基于968份问卷的调查》,《南京农业大学学报(社会科学版)》第1期。
4.李华婷,2013:《FDI、国内投资、人力资本对中国经济增长促进的实证研究——以江苏、浙江、山东为例》,《东南大学学报(哲学社会科学版)》第S2期。
5.李建民,1999:《人力资本与经济持续增长》,《南开经济研究》第4期。
6.李祎雯、张兵,2016:《非正规金融对农村家庭创业的影响机制研究》,《经济科学》第2期。
7.刘杰、郑风田,2011:《流动性约束对农户创业选择行为的影响——基于晋、甘、浙三省894户农民家庭的调查》,《财贸研究》第3期。
8.卢亚娟、张龙耀、许玉韫,2014:《金融可得性与农村家庭创业——基于CHARLS数据的实证研究》,《经济理论与经济管理》第10期。
9.王晓文、张玉利、杨俊,2012:《基于能力视角的创业者人力资本与新创企业绩效作用机制研究》,《管理评论》第4期。
10.杨轶清,2009:《企业家创新能力来源及其生成机制——基于浙商“低学历高效率”创业现象的实证分析》,《浙江社会科学》第11期。
11.张广胜、柳延恒,2014:《人力资本、社会资本对新生代农民工创业型就业的影响研究——基于辽宁省三类城市的考察》,《农业技术经济》第6期。
12.Balmaceda,F.,2018,“Entrepreneurship:Skills and Financing”,Small Business Economy,50(4):871~886.
13.Becker,G.S.,“Human Capital:A Theoretical and Empirical Analysis with Special Reference to Education”,Chicago:The University of Chicago Press,1994.
14.Buera,F.J.,2009,“A Dynamic Model of Entrepreneurship with Borrowing Constraints:Theory and Evidence”,Annals of Finance,5(3-4):443~464.
15.Davidsson,P.,and B.Honig,2003,“The Role of Social and Human Capital among Nascent Entrepreneurs”,Journal of Business Venturing,18(3):301~331.
16.Deaton,A.,“Saving and Liquidity Constraints”,Econometrics,1991(59):1221~1148.
17.Evans,D.S.,and B.Jovanovic,1989,“An Estimated Model of Entrepreneurial Choice under Liquidity Constraints”,Journal of Political Economy,97(4):808~827.
18.Flavin,M.A.,“The Adjustment of Consumption to Changing Expectations about Future Income”,Journal of Political Economy,1981(5):974~1009.
19.Gartner,W.B.,1985,“A Conceptual Framework for Describing the Phenomenon of New Venture Creation”,Academy of Management Review,110(4):696~705.
20.Holtz-Eakin,D.,H.S.Rosen,and D.Joulfaian,1994,“Entrepreneurial Decisions and Liquidity Constraints”,the RANDJournal of Economics,25(2):334~347.
21.Hurst,E.,and A.Lusardi,2004,“Liquidity Constraints,Household Wealth,and Entrepreneurship”,Journal of Political Economy,112(2):319~347.
22.Marvel,M.R.,and G.T.Lumpkin,2007,“Human Capital and Its Effects on Innovation Radicalness”,Entrepreneurship:Theory and Practice,31(6):807~828.
23.Parker,S.C.,2006,“Self-employment and the Labor Market”,the Oxford Handbook of Entrepreneurship,435~460.
24.Paulson,A.L.,and R.Townsend,2004,“Entrepreneurship and Financial Constraints in Thailand”,Journal of Corporate Finance,10(2):229~262.
25.Priyanto,S.H.,and S.Iman,2005,“Relationship between Entrepreneurial Learning,Entrepreneurial Competencies and Venture Success:Empirical Study on SMEs”.International Journal of Entrepreneurship and Innovation Management,5(5/6):454.
26.Robson,P.J.A.,C.K.Akuetteh,P.Westhead,and M.Wright,2012,“Innovative Opportunity Pursuit,Human Capital and Business Ownership Experience in an Emerging Region:Evidence from Ghana”,Small Business Economics,39(3):603~625.
27.Sahlman,W.A.,1999,“Some Thoughts on Business Plan:The Entrepreneurial Venture”,New York:HBS Publication.
28.Sch?fera,D.,O.Talavera,and C.Weir,2011,“Entrepreneurship,Windfall Gains and Financial Constraints:Evidence from Germany”,Economic Modelling,28(05):2174~2180.
29.Schultz,T.W.,1963,“The Economic Value of Education”,New York:Columbia University Press.
30.Siqueira,A.C.O.,2007,“Entrepreneurship and Ethnicity:the Role of Human Capital and Family Social Capital”,Journal of Developmental Entrepreneurship,12(1):31~46.
31.Tobin,J.,1967,“Life-Cycle Savings and Balanced Economic Growth”,in W.Fellner(eds.),Ten Essays in the Tradition of Irving Fisher,Wiley Press,pp.231~256.
32.Zeldes,S.,and P.Stephen,1989,“Consumption and Liquidity Constraints:An Empirical Investigation”,Journal of Political Economy,97(2):305~346.
(1)数据来源:2014年~2017年《中国国民经济和社会发展统计公报》。
(2)数据来源:国家统计局,2016:《中国人口和就业统计年鉴》,北京:中国统计出版社。
(1)限于篇幅,具体分析结果在此略去,如有需要可与作者联系。