Research On The Influence Of Entrepreneurship On Economic Growth From The Perspective Of Social Capital

Along with the new normal of China’s economic development,various new problems and new situations have emerged in the process of economic development,such as the economic growth has slowed down.How to promote economic growth is an important task at present.The Chinese government has gradually attached importance to the cultivation of entrepreneurship and has introduced corresponding policies to better stimulate and promote entrepreneurship and better play the role of entrepreneurship.Whether entrepreneurship can promote economic growth is the research focus of scholars,but in the study,social capital is not considered as one of the important factors affecting entrepreneurship.The level of social capital is different,and the level of entrepreneurial activity must be different.Therefore,it is necessary to study the effects of entrepreneurship and social capital on economic growth.First of all,this paper reviews and sorts out the relevant literatures on the relationship between entrepreneurship,social capital and economic growth.After a brief review,the research questions and innovations of this paper are proposed.Secondly,it analyzes the influence mechanism of entrepreneurship on economic growth and social capital on economic growth,and also analyzes the strengthening effect of social capital on entrepreneurship.The research hypothesis of this paper is proposed by analyzing the influence mechanism.Subsequently,this paper uses the comprehensive FGLS method to empirically study the relationship between entrepreneurship,social capital and economic growth.In the specific empirical analysis,this paper uses 16 years of balanced panel data from 30 provinces of China as the research sample,and studies the relationship between entrepreneurship,social capital and economic growth by constructing an empirical model.The empirical test was carried out using the comprehensive FGLS method,and after the robustness test and endogeneity test,the empirical results were found to be basically consistent with the research hypotheses.Based on the empirical regression results,the paper draws the following conclusions:Entrepreneurship and innovative spirit can significantly promote economic growth,but the degree of influence is different.Social capital can significantly promote economic growth,and different social capital levels lead to regional economic growth differences.Social capital can significantly enhance the role of entrepreneurship in promoting economic growth.Finally,based on the empirical conclusions,this paper proposes a series of targeted policy recommendations.The government should increase its policy support for entrepreneurs to stimulate entrepreneurship.Encourage people to accumulate social capital and raise the level of social capital in society as a whole.The innovation of this paper is to put entrepreneurship,social capital and economic growth into a framework,and study the role of entrepreneurship in economic growth from the perspective of social capital.In the research method,the comprehensive FGLS method is used,which can simultaneously consider heteroscedasticity between groups,autocorrelation within groups,and contemporaneous correlation problems between groups,and the estimated results are more efficient.The further research direction of this paper is to construct a theoretical model suitable for studying the relationship between the three,and use the city-level data to empirically study the model,and then more comprehensively examine the relationship between entrepreneurship,social capital and economic growth.