金融知识促进了“以房创业”吗——基于CHFS数据的研究

贵州财经大学学报 ›› 2021 ›› Issue (01): 63-75.

金融知识促进了“以房创业”吗——基于CHFS数据的研究

毛丰付, 徐畅, 韩爱娟

浙江工商大学经济学院, 浙江杭州 310018

收稿日期:2020-05-30 出版日期:2021-01-15 发布日期:2021-01-18
作者简介:毛丰付(1974-),男,辽宁瓦房店人,浙江工商大学经济学院教授,博士生导师,研究方向为城市经济与住房政策;徐畅(1995-),男,浙江金华人,浙江工商大学经济学院硕士研究生,研究方向为产业发展与金融投资;韩爱娟(1994-),女,湖北襄阳人,浙江工商大学经济学院硕士研究生,研究方向为区域发展与产业结构。
基金资助:
国家自然科学基金项目“人力资本偏向型住房政策与城市发展：理论、机制与效应”（71974174）；浙江省自然科学基金项目“人力资本偏向型住房政策对城市创新能力的影响”（LY19G030005）；浙江省自然科学基金项目“乡城移民城市融入的长效机制与政策响应分析——基于邻里效应的时空维度”（LY17G030004）。

Financial Literacy and Entrepreneurship by Family-owned Real Estate—Evidence from CHFS Data

MAO Feng-fu, XU Chang, HAN Ai-juan

School of economics, Zhejiang industrial and Commercial University, Hangzhou, Zhejiang 310018, China

Received:2020-05-30 Online:2021-01-15 Published:2021-01-18

摘要/Abstract

摘要： 运用2015年中国家庭金融调查（CHFS）数据，重点研究金融知识对利用自有房产进行生产经营的家庭创业活动的影响。研究发现：金融知识会显著促进家庭利用自有房产进行创业。通货膨胀知识和投资风险认知知识会显著促进家庭的自有房产创业参与，而利率知识却对其有负向影响，但这一影响不显著。金融知识对农村地区、低学历水平和低财富水平家庭的促进作用更大。东部地区利用自有房产创业的概率显著低于中部地区，西部地区也低于中部但系数不显著。进一步机制检验发现，金融知识会促进家庭财富积累而缓解流动性约束对创业的抑制。金融知识水平提高可以增强家庭的风险偏好，从而降低传统风险规避意识对创业的抑制作用。在中小企业普遍面临“融资难”困境的现状下，金融知识所带来的人力资本的提升会大大提高家庭从正规金融机构获得贷款的可能性，从而降低信贷约束对企业家才能的实现。

关键词: 金融知识, 自有房产创业决策, 家庭资产配置, 心理账户

Abstract: Using the data of China Household Finance Survey (CHFS) in 2015, this paper examines the impact of financial knowledge on household entrepreneurial activities that use their own real estate for production and management. The study finds that financial knowledge can significantly promote households using their own real estate for entrepreneurship. Knowledge of inflation and cognition of investment risk can significantly promote the entrepreneurial participation by family-owned real estate, while knowledge of interest rate has a negative impact on it, but this effect is not significant. Financial knowledge has a more positive impact on families in rural areas, with low level of education and wealth. The probability of entrepreneurial activities with family-owned real estate in the eastern region is significantly lower than that in the central region, and the probability in the western region is also lower than that in the central region, but the coefficient is not significant. The further mechanism test finds that financial knowledge can promote household wealth accumulation and ease the restraint of liquidity constraints on entrepreneurship. Improving financial knowledge can enhance family risk preference, thereby reducing the inhibition of traditional risk aversion awareness on entrepreneurship. In the current situation that SMEs are generally facing the difficulty of financing, the improvement of human capital brought by financial knowledge can greatly increase the possibility that households obtain loans from formal financial institutions, thereby reducing the realization of entrepreneurial talent by credit constraints.

Key words: financial literacy, entrepreneurial decision-making by self-owned real estate, household asset allocation, mental accounting

中图分类号:

F832

毛丰付, 徐畅, 韩爱娟. 金融知识促进了“以房创业”吗——基于CHFS数据的研究[J]. 贵州财经大学学报, 2021(01): 63-75.

MAO Feng-fu, XU Chang, HAN Ai-juan. Financial Literacy and Entrepreneurship by Family-owned Real Estate—Evidence from CHFS Data[J]. Journal of Guizhou University of Finance and Economics, 2021(01): 63-75.

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