| In the context of China’s current new normal economy,farmers’ entrepreneurship is of undoubted importance for promoting the realization of the new rural construction goals and the sustainable growth of farmers’ income.A series of policy documents on entrepreneurship issued by the central government have suggested that entrepreneurship awareness should be strengthened,entrepreneurship training should be activated,and the establishment of entrepreneurship platforms should be promoted.Regarding the issue of how to better promote entrepreneurship and rural economic development with entrepreneurship,we must first consider the internal and external factors that affect entrepreneurship.Farmer entrepreneurship is the product of a combination of individual internal characteristics and external environmental factors.The individual internal characteristics of entrepreneurial entities mainly include their own level of financial knowledge.Farmers with a high level of financial knowledge have a more accurate understanding of entrepreneurial policies,can accurately identify and tap entrepreneurial opportunities,quickly obtain tax requirements for starting business funds,and make reasonable and effective allocations.Entrepreneurial resources,thereby increasing the possibility of farmers’ entrepreneurship.As far as the external factors of entrepreneurial entities are concerned,including the entrepreneurial atmosphere and financial support policies.Recently,the government has published policies to promote farmers’ entrepreneurship and alleviate farmers’ financing difficulties.However,due to asymmetric information,adverse selection,and moral hazards,farmers’ low participation in formal credit availability and unsatisfactory loan quotas have become prominent.The low availability of credit has restrained the occurrence of entrepreneurial behaviors of farmers and restricted the growth of the number of entrepreneurs.Credit availability plays a key role in farmer entrepreneurship.Farmers can get adequate financial support,and the possibility and sustainability of entrepreneurship will increase.The data comes from the investigation about farmers’ entrepreneurship in Ningxia,Shaanxi and Shandong Provinces.This paper defines the concept of financial knowledge,formal credit availability and farmer’s entrepreneurial choice based on planned behavior theory,entrepreneurship theory,and credit rationing theory.Secondly,the factor analysis method is used to fit the financial knowledge measurement items to obtain the comprehensive level of financial knowledge.Using “formal credit amount” to measure the variables available to formal credit.Divided the farmer’s entrepreneurial choice into whether to start a business and what type of entrepreneurial organization(individual entrepreneurship or organizational entrepreneurship);again,the IV-Probit model was used to analyze whether financial knowledge and formal credit are available to farmers to participate in entrepreneurship and to individuals and organizations The influence of the choice of entrepreneurial organization form is tested by using the Bootstrap mediation effect model to examine the mediation effects of formal credit availability in the relationship between financial knowledge and farmers’ participation in entrepreneurship,choice of individuals or organizational entrepreneurship.In the end,the paper draws the following conclusions:(1)The level of farmers’ financial knowledge is low,and the development of the financial education system is lagging.The participation of farmers in formal credit is not high and the quota is sometimes difficult to meet the demand.The proportion of entrepreneurship is 48%,and the proportion of not choosing business is 52%.(2)Financial knowledge has a significant positive impact on farmer’s entrepreneurial choice,and also has a positive and significant impact on the choice of entrepreneurial organization form.The improvement of financial knowledge has a positive effect on farmers’ choice of entrepreneurship and organizational form choice.(3)In the relationship between the availability of formal credit and farmer’s entrepreneurial choice,the availability of formal credit has a positive but significant impact on farmers’ current or non-enterprise,individual entrepreneurship,and organizational entrepreneurship choices to varying degrees.(4)In terms of whether formal credit availability has an intermediary role,based on the intermediary effect test,it is learned that formal credit availability can play an intermediary role in financial knowledge,peasant household entrepreneurial choice,and entrepreneurial organization form choice.Based on the above research conclusions,it provides policy references and references for promoting farmers’ entrepreneurship and strengthening their entrepreneurial consciousness by improving financial knowledge and promoting formal credit availability. |
