Unveiling the impact of housing debt on entrepreneurship: Evidence from China

IF 1.4 3区社会学 Q1 AREA STUDIES Asia & the Pacific Policy Studies Pub Date : 2024-03-20 DOI:10.1002/app5.388

Xiaofen Yu, Dingpei Hu, Mingzhi Hu

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Abstract

Despite extensive research on the impact of various factors on entrepreneurship, the role of housing debt remains underexplored, particularly in emerging economies. Using data from the China Household Finance Survey (CHFS), this study identifies a significant negative effect of housing debt on entrepreneurship after controlling for a comprehensive set of individual and household characteristics, as well as regional and year fixed effects. To delve deeper into the underlying mechanisms, we present direct evidence that housing debt amplifies risk aversion while imposing capital and credit constraints. Furthermore, we offer indirect evidence suggesting that housing debt exerts a stronger negative impact on employer entrepreneurship than on self-employment entrepreneurship, and a more pronounced negative effect on active entrepreneurship compared to passive entrepreneurship. Overall, this study addresses gaps in research on the impact of housing debt on entrepreneurship and provides insights into the underlying mechanisms by revealing how housing debt amplifies risk aversion, imposes capital and credit constraints, and disproportionately affects employer entrepreneurship over self-employment entrepreneurship, as well as active entrepreneurship over passive entrepreneurship.

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揭示住房债务对创业的影响：来自中国的证据

尽管对各种因素对创业的影响进行了广泛研究，但住房贷款的作用仍未得到充分探讨，尤其是在新兴经济体。本研究利用中国家庭金融调查（CHFS）的数据，在控制了一系列全面的个人和家庭特征以及地区和年份固定效应后，发现了住房债务对创业的显著负面影响。为了深入探讨其背后的机制，我们提出了直接证据，证明住房贷款在施加资本和信贷限制的同时，也放大了风险规避。此外，我们还提供了间接证据，表明与自雇创业相比，住房贷款对雇主创业的负面影响更大；与被动创业相比，住房贷款对主动创业的负面影响更明显。总体而言，本研究填补了有关住房债务对创业影响的研究空白，并通过揭示住房债务如何放大风险规避、施加资本和信贷限制、对雇主创业的影响超过对自雇创业的影响，以及对主动创业的影响超过对被动创业的影响，深入探讨了其背后的机制。

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来源期刊

Asia & the Pacific Policy Studies AREA STUDIES-

CiteScore

3.20

自引率

5.30%

发文量

审稿时长

6 weeks

期刊介绍： Asia & the Pacific Policy Studies is the flagship journal of the Crawford School of Public Policy at The Australian National University. It is a peer-reviewed journal that targets research in policy studies in Australia, Asia and the Pacific, across a discipline focus that includes economics, political science, governance, development and the environment. Specific themes of recent interest include health and education, aid, migration, inequality, poverty reduction, energy, climate and the environment, food policy, public administration, the role of the private sector in public policy, trade, foreign policy, natural resource management and development policy. Papers on a range of topics that speak to various disciplines, the region and policy makers are encouraged. The goal of the journal is to break down barriers across disciplines, and generate policy impact. Submissions will be reviewed on the basis of content, policy relevance and readability.