摘要随着我国经济发展进入“新常态”，经济增长方式由要素驱动逐渐转向创新
驱动，而创业活动作为产业创新的主要推动力，对我国经济转型有着重要的意义。
现有研究表明，阻碍创业活动发展的主要因素在于门槛资金带来的资金约束和流
动性约束，而流动性约束又受到社会关系的影响。那么社会关系能否通过提高融
资可得性进而提高创业概率与创业绩效，对这一问题的研究具有重要的理论和现
实意义。
本文在对现有文献有效梳理的基础之上，将社会关系、融资可得性与家庭创
业纳入统一的分析框架内，运用流动性约束理论、不完全竞争金融市场理论、生
命周期理论以及效用函数理论，分析了社会关系对家庭创业选择与家庭创业绩效
的影响路径和影响机制。理论研究发现社会关系可以通过促进信息共享、发挥示
范效应和降低交易成本来提高家庭创业概率。同时社会关系的隐形担保机制有利
于提高家庭融资可得性从而间接提高家庭创业概率。为进一步分析社会关系对创
业绩效的影响，本文通过构建数理模型进行逻辑推演，发现在其他条件不变的情
况下，社会关系不仅会对家庭创业绩效产生直接影响，而且可以通过提高融资可
得性这一中介变量提高创业绩效。在理论分析的基础上，本文基于中国家庭金融
调查报告2015年和2017年两期的面板数据，通过构建Probit 模型和Tobit 模型分
别对创业选择和创业绩效进行实证研究，结果显示社会关系对家庭创业选择与家
庭创业绩效都会产生正向的促进作用，社会关系越多的家庭往往创业的概率越大，
绩效越好。而在引入融资可得性这一中介变量后，社会关系的显著性有所下降，
说明社会关系对家庭创业选择与创业绩效的影响可能受到融资可得性的影响，因
此通过逐步回归法考察融资可得性在社会关系对家庭创业选择与创业绩效的影响
中是否存在中介效应，结果显示社会关系会对融资可得性产生显著的正向影响，
而融资可得性也会对家庭创业选择与创业绩效产生显著的正向影响，因此“社会
关系——融资可得性——家庭创业”这一影响路径确实存在，并且社会关系会通
过融资可得性的中介效应对家庭创业选择与创业绩效产生促进作用。同时本文通
过变更模型、变更样本以及变更替代变量的方法对模型进行稳健性检验，所得结
果是稳健的。
最后，在理论分析与实证研究的基础上提出为创业者提供信息交流平台、鼓
励金融机构解决创业者的融资问题、设立监管机构支持民间借贷活动等建议。
关键词：社会关系；融资可得性；家庭创业；创业绩效
I
Abstract
Abstract
With China's economic development entering the "new normal",the model of
economic growth has gradually transferred from factor-driven to innovation-driven,and
entrepreneurial activities,as the main driving force of industry innovation,are of great
significance to China's economic transformation.Existing studies show that the main
factors hindering the development of entrepreneurial activities are the capital and
liquidity constraints brought by threshold funds,and the liquidity constraint is also
affected by social relations.Then,the study of the issue that whether social relations can
improve entrepreneurial probability and performance by improving the availability of
financing has important theoretical and practical significance.
In this paper,based on the effective review of the existing literature,social
relations,financing availability and family entrepreneurship were included into a
unified analytical framework,then liquidity constraint theory,incomplete financial
market theory,life cycle theory and expected utility theory were adopted to analyze the
influence path and mechanism of social relations on family entrepreneurial choice and
performance.Theoretical studies found that social relations could improve the
probability of family entrepreneurship by promoting information sharing,exerting
demonstration effect and reducing transaction cost.Meanwhile,the invisible guarantee
mechanism of social relations was conducive to improving the availability of family
financing and indirectly increasing the probability of family entrepreneurship.To
further analyze the influence of social relations on entrepreneurial performance,a
mathematical model was constructed for the logical deduction,which found that under
the condition that other conditions remained unchanged,social relations not only could
have a direct influence on family entrepreneurial performance,but also could improve
the mediating variable of availability of financing to improve the entrepreneurial
performance.On the basis of theoretical analysis,according to the panel data of
Research Report of China Household Finance Survey in 2015and 2017,the empirical
research on entrepreneurial choice and performance was respectively carried out by
constructing the Probit model and Tobit model,the result of which showed that social
relations have a positive promotion effect on family entrepreneurial choice and
performance,and families with more social relations tend to have a higher probability of
entrepreneurship and better performance.However,after introducing the mediating
variable of financing availability,the significance of social relations decreased,
II
Abstract
indicating that the influence of social relations on family entrepreneurial choice and
performance may be affected by financing availability.Therefore,the stepwise
regression method was used to examine whether there is a mediating effect of financing
availability in the influence of social relations on family entrepreneurial choice and
performance,the result of which showed that social relations would have a significantly
positive influence on financing availability,and financing availability would also have a
significantly positive influence on family entrepreneurial choice and performance.So,
the influence path of "social relations ——financing availability ——family
entrepreneurship"does exist,and social relations will have a promotion effect on family
entrepreneurship choice and performance via the mediating effect of financing
availability.Meanwhile,the methods of changing the model,changing the sample,and
changing the substitute variable were used to conduct a robustness test on the model,the
result of which was robust.
In the end,on the basis of theoretical analyses and empirical studies,
recommendations were put forward in terms of providing information exchange
platforms for entrepreneurs,encouraging financial institutions to solve the financing
issues of entrepreneurs,and establishing regulatory agencies to support private lending
activities.
Keywords:Social Relations;Financial Available;Family Entrepreneurship;
Entrepreneurial Performance
III
目录
目录
摘要...............................................................................................................................I
Abstract ............................................................................................................................II
第1章导论...................................................................................................................1
1.1研究背景.............................................................................................................1
1.2研究意义.............................................................................................................2
1.2.1理论意义...................................................................................................2
1.2.2现实意义...................................................................................................3
1.3研究方法和思路.................................................................................................3
1.3.1研究方法...................................................................................................3
1.3.2研究内容...................................................................................................4
1.3.3技术路线...................................................................................................5
1.4可能的创新之处.................................................................................................6
第2章文献综述...........................................................................................................7
2.1家庭创业的影响因素的研究.............................................................................7
2.1.1社会关系对家庭创业的影响研究...........................................................7
2.1.2其他因素对家庭创业的影响研究...........................................................9
2.2社会关系、融资约束与家庭创业关系的研究...............................................10
2.2.1社会关系与融资约束关系的研究.........................................................11
2.2.2融资约束与家庭创业关系的研究.........................................................13
2.3文献述评...........................................................................................................15
第3章理论分析.........................................................................................................17
3.1相关理论基础...................................................................................................17
3.1.1流动性约束理论.....................................................................................17
3.1.2不完全竞争金融市场理论.....................................................................18
3.1.3生命周期理论.........................................................................................18
3.1.4效用函数理论.........................................................................................19
3.2社会关系、融资可得性对家庭创业选择的影响机制分析...........................19
3.2.1社会关系对家庭创业选择的影响机制分析.........................................19
3.2.2融资可得性的中介效应分析.................................................................22
3.3社会关系、融资可得性对家庭创业绩效的影响机制分析...........................24
第4章实证研究设计.................................................................................................27
4.1数据来源及处理...............................................................................................27
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