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| Analysis on the Incentive Effect of Fiscal Expenditure Differences on Regional Entrepreneurship |
| Chen Xudong1,Liu Chang1,2 |
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Abstract Under the new normal economy, entrepreneurship is an important way to promote China's economic development and improve people's livelihood. The risk, uncertainty, and positive externalities of the entrepreneurial process require government finances to play an active support role. This article is based on the dynamic panel model of data from 30 provinces (except Tibet) in China from 2007 to 2015, and examines the relationship between regional fiscal expenditure and entrepreneurial activity. The research results show that the scale of fiscal expenditure has a lagging positive effect on the number of entrepreneurial activities and the quality of entrepreneurial activities. When we further study the impact of fiscal expenditure on the quality of entrepreneurial activities, we find that the lag effect of fiscal expenditure scale stems from the lagged effect of fiscal expenditure structure. The impact of fiscal expenditure structure on the quality of entrepreneurial activities varies greatly; at the same time, research finds that innovation is an important means of improving the quality of entrepreneurial activities. Therefore, in order to support "mass entrepreneurship, innovation," the financial support for business ventures in all regions should be adjusted in scale and structure, focusing on optimizing expenditure structures that are conducive to innovation and providing a favorable public environment for entrepreneurship.
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| Fund:天津市哲学社会科学规划项目（TJYY13-045）；天津市教委社会科学重大项目（2016JWZD17） |
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