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本文对金融摩擦在创业者创业决策中的作用进行了理论与实证分析。理论分析发现,金融摩擦对创业存在选择效应和扭曲效应,选择效应会提升创业门槛导致创业率降低;扭曲效应则会造成部分创业者无法在最优水平配置要素,导致产出下降。基于中国2003-2013年私营企业数据的实证研究发现,金融摩擦的降低显著地促进了私营企业数量和产出占比的增加,且对产出的影响更大。因此,降低金融市场摩擦水平,提高金融市场发展程度,是促进大众创业、增强经济发展动力的题中之义。
This paper makes a theoretical and empirical analysis of the role of financial friction in entrepreneurial entrepreneurial decision-making. The theoretical analysis finds that financial friction has selective effect and distortion effect on entrepreneurship. Selective effect will raise entrepreneurial threshold and lower entrepreneurial rate. Distortion effect will cause some entrepreneurs to be unable to allocate elements at optimal level, leading to decline in output. Based on the empirical study of China’s 2003-2013 private enterprise data, it is found that the reduction in financial friction significantly promotes the increase in the proportion of private companies in the number and output, and has a greater impact on output. Therefore, lowering the level of friction in the financial market and increasing the level of development of the financial market is an issue that promotes popular entrepreneurship and enhances economic development.