| Since the third plenary session of the 18 th central committee of the CPC,China has been conducting in-depth research and discussion on entrepreneurship and innovation,among which the 13 th five-year plan has clearly pointed out that we should improve policies to support entrepreneurship and encourage entrepreneurship to drive employment.Combined with China’s unique social culture,social network plays an important role in the economic behavior of families.In the socialist market economy with Chinese characteristics,the relationship between social network and family business choice has important research value.This paper attempts to discuss the relationship between social network and family entrepreneurial choice from the theoretical and micro empirical perspectives to provide reference for the improvement and implementation of China’s entrepreneurial policy.This paper systematically sorted out the related literatures in the two fields of social relationship network and entrepreneurship,reviewed and analyzed the previous research results from the perspectives of the respective definitions of social relationship network and entrepreneurship,the influence of social relationship network on family economic behavior,and the analysis of influencing factors of entrepreneurship.In terms of theory,this paper starts from the theory of basic social relation network,and then analyzes the possible ways that social relation network affects the family business choice behavior,namely the direct way and the indirect way.Furthermore,through the analysis of indirect channels,we believe that social network influences the family’s ability of private financing,further affects the liquidity constraints faced by families,and finally affects the family entrepreneurial behavior.At the same time,aiming at the problem of liquidity constraint on family entrepreneurial choice,we constructed a theoretical model of venture capital threshold to illustrate the fundamental impact of liquidity constraint on family entrepreneurial choice.Accordingly,this paper puts forward the main hypothesis of the study: social network is positively correlated with family business choice,and the expansion of social network will improve the probability of family business choice.To verified the above hypothesis,this paper takes advantage of the Chinese family financial investigation CHFS and various provinces and regions in 2015 statistical yearbook and statistical bulletin,the integrated use of LPM,Probit and Logit,2SLS and IVProbit metering method,total of social relation network consisting of multiple perspectives and the relationship between the family business to choose,and use the intermediary effect of inspection method,verified the family role of folk financing.At the same time,in order to solve the endogenous problem of the model,this paper selected the regional rice yield ratio,the family social relationship network level in 2013,and the average social relationship network level of the region as the instrumental variables to analyze the endogenous problem.Finally,the following conclusions are drawn :(1)social network does have a positive and significant impact on family business choice;(2)rural and urban families are affected by the same factors when making entrepreneurial choices,but there are differences in very few variables,and the marginal effect of social network on the probability of family entrepreneurial choices is different;(3)the social network affects family entrepreneurship through both direct and indirect channels,among which the indirect way is to increase the probability of entrepreneurship by increasing the private financing of families and easing liquidity constraints;(4)the main endogeneity problem of the theme of the influence of social network on family entrepreneurial choice is caused by reverse causality.After controlling endogeneity,we still have relatively robust conclusions.The main contributions of this paper are as follows :(1)it studies the economic behaviors of families from the perspective of social relations,and systematically analyzes the entrepreneurial choices of families.(2)theoretically,based on the previous research conclusions,the influence of social network on family business choice is summarized and proved by mathematical model.(3)based on the micro investigation database at the national level,this paper makes a comprehensive and in-depth study of the relationships between social network and family business choice,proves the theoretical results,and enriches the related research literature in this field. |
