Research on the Impact of Digital Inclusive Finance on Family Entrepreneurship ——An Empirical Analysis Based on CHFS Data

Abstract

In recent years, as China's economy is facing a transition from high-speed growth to high-quality growth. This means that the traditional factor growth model represented by capital and labor cannot meet the status quo of economic development, and the drive of innovation and entrepreneurship has become a new driving force for sustainable and high-quality economic growth. Under the slogan of "Mass Innovation, Mass Entrepreneurship", China has proposed an innovation-driven development strategy, and introduced a policy system to support mass entrepreneurship and mass innovation, with scientific and technological innovation as the core to drive comprehensive innovation, and a sound education system to cultivate talents. To build a talent team to support innovation, promote the organic connection of the industrial chain, innovation chain, education chain, and talent chain, and promote economic development to rely more on innovation-driven. However, based on the current social situation, China's financial system is still not perfect, and some areas have problems such as low financial penetration rate and insufficient financial services. Difficult and expensive financing has become an obstacle to starting a business. However, in recent years, the continuous development of digital financial inclusion has provided a solution to the barriers to entrepreneurship and innovation. Relying on the Internet, digital inclusive finance provides a series of financial services for all levels of society, breaking the time and geographical restrictions of traditional financial services. It is the deepening and development of inclusive finance and brings new opportunities for families to choose entrepreneurship . Therefore, it is of great significance to study the impact of digital financial inclusion on family entrepreneurship. First, based on research at home and abroad, this paper further reveals the impact of the development of digital financial inclusion on family entrepreneurial decision-making, and further discusses the mechanism of action, which is of great significance for enriching related research. This paper discusses the relationship between digital financial inclusion and family entrepreneurship from both theoretical and empirical aspects. Firstly, combing the relevant literature at home and abroad, discussing the concepts and related theories of digital inclusive finance and family entrepreneurship; secondly, analyzing the development status of digital inclusive finance and family entrepreneurship, and putting forward the current research hypothesis of this paper based on existing research; thirdly , using the Peking University Digital Financial Inclusion Index and the China Household Finance Survey (CHFS) database to empirically analyze the impact of digital financial inclusion on family entrepreneurship, and use the Probit model, IV-Probit model and mediation effect model to test the impact of digital financial inclusion on households. Entrepreneurial impact and mechanism of action. At the same time, further explore the regional heterogeneity, urban-rural heterogeneity and education level heterogeneity of digital inclusive finance's impact on family entrepreneurship. Finally, the following conclusions are drawn:(1) The development of digital financial inclusion can promote family entrepreneurship decision-making, and the development of digital financial inclusion can mobilize people's enthusiasm for participating in entrepreneurship. (2) From the point of view of the transmission mechanism, digital financial inclusion can promote family entrepreneurship by improving the availability of household credit and promoting household income. (3) The impact of digital financial inclusion on family entrepreneurship decision-making has regional differences, urban-rural differences, and differences in education levels. Finally, based on the above conclusions, this paper puts forward the following policy recommendations for the continuous advancement of future entrepreneurship development work: (1) Continue to promote the development of digital inclusive finance and improve the construction system of digital inclusive finance. (2) Strengthen the popularization and education of financial knowledge and improve the financial literacy of entrepreneurs. (3) Improve the accuracy of digital inclusive financial services to meet the differentiated needs of family entrepreneurship. (4) Optimize the entrepreneurial environment and strengthen support for entrepreneurship.