Research On The Impact Of Financial Inclusion On Female Entrepreneurship

In view of the significance of female entrepreneurship in promoting social equality and inclusive economic growth and the realistic background of the relatively small number and low level of female entrepreneurship in China,this paper uses a combination of theoretical analysis and empirical analysis to explore the impact of inclusive financial development on female entrepreneurship.Firstly,we deeply analyze the impact mechanism of inclusive finance on female entrepreneurship from a theoretical perspective,and then put forward several research hypotheses.On this basis,we use data from China Household Finance Survey(CHFS)during 2013-2017 to empirically analyze the impacts of inclusive finance development on female subsistence entrepreneurship and transformational entrepreneurship from a micro perspective.We further analyze its mechanisms and differences of the impacts among samples with different individual characteristics.The empirical results show that there are significant gender differences in the entrepreneurial effect of inclusive finance.The improvement of the level of inclusive finance has a significant positive impact on female and male entrepreneurial choices.However,in absolute terms,inclusive finance plays a less important role in promoting female entrepreneurship than male entrepreneurship.For the whole female group,inclusive finance can significantly promote female choice of transformational entrepreneurship,while the impact on female subsistence entrepreneurship is limited,there being no significant correlation between financial inclusion and female subsistence entrepreneurship choice.Inclusive finance mainly promotes female transformational entrepreneurship by increasing female empowerment,alleviating venture capital constraints,improving risk-taking ability and financial literacy.Further sub-sample regression results show that there are differences in the entrepreneurial effect of inclusive finance for women with different individual characteristics.In general,inclusive finance has more significant and deeper influence in promoting female transformational entrepreneurship,which helps to improve the overall entrepreneurial level of women in China;meanwhile,inclusive finance can also promote subsistence entrepreneurship of vulnerable groups such as low educated women,which is of great positive significance for female employment and empowerment.Based on the empirical results and realistic background,in order to deepen the development of inclusive finance and promote female high-quality entrepreneurship,we put forward some policy suggestions from the aspects of improving the inclusive financial system and female entrepreneurial environment,enhancing female entrepreneurial ability and financial literacy,promoting financial innovation and the development of digital inclusive finance.