Housing Wealth and Household Entrepreneurship——Micro Evidence from China Household Finance Survey
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.
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万方数据
