| The economic development and transformation of China can not be separated from entrepreneurship.Financial as the core elements of modern economic activities is the key factors to cultivate entrepreneurship.Unimpeded external financing channels can effectively alleviate the liquidity constraints of enterprises.However,the Innovation Entrepreneurship(IE)and Risk Entrepreneurship(RE)which can be exerted by the entrepreneur are often restricted by the liquidity of enterprises.Therefore,bank lines of credit,as the main external financing channel for many enterprises,are of great significance to the entrepreneurship of small and micro enterprises.One thing should be noticed is that the sample selection bias,as banks prefer excellent firms to increase their credit lines,coupled with spillovers(or indirect effects)between industry-similar businesses,may lead to biased estimation of the real impact of bank lines of credit.By constructing the theoretical framework with spillovers,this paper analyzes how bank lines of credit influence the actual extent of entrepreneurship exertion,and gives the identification method of spillovers.Based on the large data platform of a coastal city,this paper selects 5088 small and micro enterprises with relatively complete operating data,constructs the indexes of IE and RE based on objective data,and combines with inverse propensity-score weighted regression and the fractional logit model to estimate the direct and indirect effects of bank lines of credit on IE and RE.The empirical results show that:(1)the total effect on IE and RE is positive;(2)except the marginal effect on RE,the rest of effects are positive;(3)whether it is IE or RE,the size of each effect varies systematically with the proportion of credit-line-increased firms in the cluster;(4)in a short run,the improvement of IE mainly comes from the marginal effect;(5)the total effect on RE is mainly due to the direct effect of credit line increasing;(6)in the same industry,only the interaction between credit-line-increased firms can affect their own RE,and always negative. |
