The Study Of Effect Of Financial Literacy And Risk Attitude On Chinese Household Entrepreneurial Behaviors

Since the reform and opening up,with the strong support of national policies,a large number of private enterprises in China have developed rapidly,and the growth of private economy has also contributed to the rapid growth of national economy.At present,China’s economy is in a critical period of transformation from a high-speed growth stage to a high-quality development stage.Under the background of the development of the new normal economy,the family entrepreneurial economy,as an important engine to stimulate economic potential and an important part of China’s economic structure transformation,plays an important role in promoting the high-quality development of the national economy,mobilizing production enthusiasm,increasing employment Rural Revitalization and poverty alleviation have played an important role.Compared with employment,entrepreneurship is a high-risk activity.The existing studies believe that the choice of family entrepreneurship is affected by micro factors such as financial literacy,risk attitude,family wealth and social capital;At the same time,it is also restricted by macro factors such as liquidity constraints,social insurance,house prices,financial diversity and large-scale public health events.Starting from the two parallel factors of household heads’ objective rationality(Financial Literacy)and subjective sensibility(risk attitude),this paper studies their impact on family entrepreneurial behavior,and obtains the following conclusions.On the whole,the proportion of family entrepreneurship in China is small,less than 15%.At the same time,China’s family financial literacy is generally not high,and most families are risk averse.Financial literacy and risk attitude have a significant positive impact on family entrepreneurial decision-making.The higher the financial literacy,the greater the risk preference,the higher the probability of family choosing entrepreneurship,and the degree of impact has urban-rural heterogeneity and regional heterogeneity.Financial literacy has a strong heterogeneity between urban and rural households,which means that financial literacy has greater impact on entrepreneurial decisions of rural registered residence than urban registered residence individuals,but has no heterogeneity in different regions of East,central and Western China.At the same time,financial literacy can not only directly affect the scale of family entrepreneurship,but also affect the scale of family entrepreneurship through financing constraints.The influence coefficient will be significantly different due to different financing channels such as bank credit or private lending.In addition,the impact of risk attitude on family entrepreneurial decision-making shows strong urban-rural heterogeneity and regional heterogeneity.In the aspect of urban and rural heterogeneity,risk attitude has a greater impact on the entrepreneurial decision of urban registered residence than that of rural registered residence.In terms of regional heterogeneity,risk attitude has a greater impact on entrepreneurial decision-making in the eastern and central regions,but less on the western region.