Market Reforms,Wealth Inequality,and the Dynamics of Entrepreneurship
This dissertation delves into the impact of market-oriented reforms and wealth disparity on entrepreneurship,emplo-ying a theoretical framework and empirical analysis based on the 2019 China Household Finance Survey and provincial data.The findings reveal:(1)Market-Oriented Reforms Enhance Entrepreneurship:Market reforms are shown to bolster entrepreneurship by diminishing barriers to entry and improving the financing landscape.This positive effect is consistent across various contexts,including individual and familial entrepreneurial endeavors,even when adjustments for potential endogeneity are made.(2)Wealth Disparity Dampens Entrepreneurial Activity:A significant finding is that wealth inequality adversely affects entrepre-neurship and moderates the beneficial impact of market reforms on entrepreneurial initiatives.This dynamic contributes to a grad-ual deceleration in entrepreneurial growth,underscoring the detrimental role of wealth disparity in the entrepreneurial ecosystem.(3)Influence of Economic Expectations on Entrepreneurship:The study identifies a variance in the effectiveness of market re-forms based on economic outlooks.Specifically,the stimulative impact of these reforms is least evident under pessimistic econom-ic expectations,moderate under neutral expectations,and most pronounced in optimistic scenarios.This suggests that the general economic sentiment plays a critical role in shaping the entrepreneurial response to market reforms.The analysis thus provides a nuanced understanding of how market-oriented reforms and wealth disparities interact to influence entrepreneurship,highlighting the importance of economic expectations in this interplay.The dissertation underscores the complex nature of these relationships and the need for policies that address both market inefficiencies and wealth inequality to foster a more vibrant entrepreneurial landscape.
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