住房财富与家庭创业——来自中国家庭金融调查的微观证据
Housing Wealth and Household Entrepreneurship——Micro Evidence from China Household Finance Survey
尹志超 1蒋佳伶2
作者信息
- 1. 首都经济贸易大学金融学院
- 2. 北京联合大学商务学院(北京,100025)
- 折叠
摘要
本文基于中国家庭金融调查(CHFS)的面板数据,采用固定效应和差分模型,实证研究住房财富对家庭创业的影响.研究发现,住房财富提高了家庭新增创业的概率,扩大了创业家庭的经营规模,提高了经营绩效,并且增加了雇佣劳动数量,降低了家庭成员在创业项目上的劳动供给.机制分析显示,住房财富增加所带来的信贷效应和财富效应,通过提高工商业信贷可得性和缓解家庭面临的流动性约束进而促进家庭创业.异质性分析表明,住房财富对家庭创业的影响在三四五线城市、中西部地区、户主未接受高等教育、户主身体健康的家庭更显著.
Abstract
Based on the panel data from China Household Finance Survey(CHFS),this paper uses fixed effects and dif-ferential models to empirically study the impact of housing wealth on household entrepreneurship.This paper finds that housing wealth improves the probability of household entrepreneurship,expands their business scales,improves the busi-ness performance,increases the number of hired labor,and reduces the labor supply of family members on their family business.Mechanism analysis shows that the accumulation in housing wealth brings credit effect and wealth effect,and promotes household entrepreneurship by improving the availability of industrial and commercial credit and alleviating the liquidity constraints faced by households.Heterogeneity analysis shows that the impact of housing wealth on household en-trepreneurship is more significant in the third,fourth,and fifth-tier cities,in the central and western regions,and house-holds where the head of household has not received higher education,and households where the head of household is physically healthy.
关键词
住房财富/家庭创业/信贷效应/财富效应Key words
housing wealth/household entrepreneurship/credit effect/wealth effect引用本文复制引用
基金项目
国家社会科学基金重大项目(21&ZD087)
国家自然科学基金青年基金(72203021)
北京市教委科研一般项目(SM202311417006)
出版年
2024
NETL
NSTL
万方数据