Abstract: Entrepreneurship is an important driving force for promoting the high-quality development of the Chinese economy. According to relevant statistical data, in recent years, small and medium-sized enterprises (including individual businesses) have created over 60% of GDP, provided over 50% of taxes, and completed over 70% of invention patents. However, compared with state-owned enterprises, small and medium-sized enterprises, individuals and other entrepreneurial entities find it difficult to enjoy fair treatment in terms of financial resource availability, and the problems with difficult and expensive financing have become a huge bottleneck that restricts entrepreneurial vitality. With the concepts of sharing and fairness, financial inclusion (inclusive finance) aims to provide effective financial services with affordable costs to all sectors of the economy. Since the Third Plenary Session of the 18th Central Committee, China has gradually increased its efforts in building financial inclusion. Undoubtedly, improving the financial accessibility of vulnerable groups such as small and medium-sized enterprises and individuals is an important goal for China's development of inclusive finance. However, in practice, due to factors such as government regulatory misalignment and distorted financial structure, China has not yet formed an efficient financial inclusion mechanism. Whether financial inclusion can effectively alleviate financing constraints, and thus release entrepreneurial vitality and stimulate entrepreneurship remains to be explored.
There is serious discrimination in credit ownership in China, that is, private enterprises and individuals with more entrepreneurial and innovative spirit are not usually favored by banks and other financial institutions. This financial exclusion phenomenon greatly restricts the entrepreneurial vitality of private enterprises and individuals, and is not conducive to the enhancement of entrepreneurship. Financial exclusion has given rise to the emergence and vigorous development of financial inclusion. Compared with traditional finance, the advantages of financial inclusion lie in the following aspects: On the one hand, financial inclusion lowers the threshold for financial services, which effectively increases the accessibility of financial resources for all levels of society, especially for vulnerable groups such as small and medium-sized enterprises, individuals and farmers. On the other hand, financial inclusion strengthens the information search ability of financial intermediaries, thereby alleviates the problem of information asymmetry in the financial market and helps to reduce financing information and transaction costs. Therefore, financial inclusion can stimulate the entrepreneurial vitality of enterprises and individuals, and thus enhance the entrepreneurship. This paper intends to deeply explore the impact and mechanism of financial inclusion on entrepreneurship. The conclusions not only can expand the research boundary between financial inclusion and entrepreneurship, but also has important practical significance for promoting financial innovation and enhancing entrepreneurship in China. The marginal contributions of this paper are as follows: Firstly, by constructing a two-stage career choice model that integrates financial inclusion, we explore the mechanism of financial inclusion on promoting entrepreneurship from the dimensions of credit quantity effect and cost effect. Secondly, by constructing the panel Tobit model, we empirically test the impact of financial inclusion on provincial entrepreneurship in China, as well as the policy effects of the 2013 financial inclusion development strategy. Once again, by using the mediation effect model, we identify the transmission mechanism from financial inclusion to financing constraint relief, and then to entrepreneurship. Finally, from the two dimensions of urban-rural differences and industry differences, we explore the heterogeneity effects of financial inclusion.
The results show that, financial inclusion promotes entrepreneurship, and financial inclusive development strategy in 2013 strengthens the promotion effect of financial inclusion on entrepreneurship. The mechanism test shows that, financing constraint is an important channel for financial inclusion to influence entrepreneurship. The heterogeneity analysis shows that, the positive effect of financial inclusion on entrepreneurship of urban entrepreneurs is stronger than that of rural ones, and financial inclusion has not yet effectively narrowed the gap between them. In the meantime, there are different industry effects of financial inclusion on entrepreneurship, which improve service industry the most and manufacturing industry more, but construction industry the least.

Key words: financial inclusion, entrepreneurship, career choice model

摘要： 构建融入金融包容的职业选择模型,从信贷数量效应与成本效应两个维度剖析金融包容发展提升企业家创业精神的理论机制,随后利用面板Tobit模型实证检验金融包容对省际企业家创业精神的影响。研究表明,金融包容提升了企业家创业精神,且2013年金融包容发展战略强化了金融包容的企业家创业精神提升效应。内在机制检验结果表明,缓解融资约束是金融包容提升企业家创业精神的重要渠道。异质性分析发现,金融包容对城镇企业家创业精神的提升作用明显强于乡村,且金融包容尚未能有效缩小两者差距;同时,金融包容的作用效果存在行业差异,其对服务业的提升作用最大,制造业次之,建筑业最小。本文为金融包容如何高效服务实体经济提供了理论解释与依据。

关键词: 金融包容, 企业家创业精神, 职业选择模型