社会网络、非正规金融与创业

社会网络可以缓解信息不对称问题,从而促进民间借贷。本文使用中国农村的调查数据,发现拥有更多社会网络的农民,会有更多的民间借贷渠道,从而更有可能创办自营工商业。农村个体工商业的初始投资和后续发展所需的资金很大程度上来自于亲友的借款。本文还发现,在正规金融越不发达的地方,民间借贷对农民创办自营工商业所发挥的作用越大。这表明,依托亲友关系的非正规金融弥补了农村正规金融发展滞后的缺陷。

Social Networks,Informal Finance and Entrepreneurship

Social Networks can lessen the problem of asymmetric information,thus can promote folk credit. Using data from rural China,this paper finds that the more social network one has,the more likely he can borrow money from his relatives and friends,the more likely he can establish a business. The initial investment and following growth of enterprises are relying on folk credit to a large extent. We also find that,the effect that social networks has on self-employment is larger in places where formal finance is l...