2022年第7期创业失败、再创业决策与再创业绩效

基于2010-2018年中国家庭追踪调查（CFPS）数据，文章实证研究了创业失败对再创业活动的影响。研究结果表明：相较于未曾创业失败的家庭，有过创业失败经历的家庭进行创业的概率高于前者4.09%，创业绩效高出前者4.83%，并且创业失败家庭再次创业时会投入更多资产与家庭劳动力。使用每年度排除样本自身后的区县级创业失败率作为工具变量，克服潜在的内生性问题后，上述结论依然成立。异质性分析发现，创业失败对再创业活动的影响在农村家庭中更为明显，并且这种影响仅在东北地区不显著。此外，文章从失败学习、社会资本、人力资本与个人努力四个角度考察了创业失败影响再创业绩效的可能机制。在当前创业失败率较高的背景下，文章结论有助于厘清创业失败与再创业活动间的关系，为进一步完善失败再创业政策支持体系、优化创业资源配置提供经验依据。

Experiences of Entrepreneurial Failure,Subsequent Entrepreneurial Decision and Performance

Under the background of mass entrepreneurship and innovation, the Chinese government has issued a series of policies to encourage and support entrepreneurship.According to the data of Global Entrepreneurship Monitor in 2019, China's National Entrepreneurship Context Index is 5.89, ranking the fourth in the world.However, entrepreneurial activities have strong uncertainty and high risk.A good entrepreneurial environment does not mean that success is easy to come by.At present, the failure rate of entrepreneurship in countries around the world is generally above 75%, and the failure rate of startups is even more than 90%.The problem of entrepreneurial failure should not be ignored.Due to the lack of micro evidence from China in existing relevant research,this paper systematically studies the impact of entrepreneurial failure on subsequent entrepreneurial decision and performance based on the data of China Family Panel Studies (CFPS) from 2010 to 2018. The results show that: the subsequent entrepreneurial decisions of families with entrepreneurial failure are 4.09% higher than that of families without entrepreneurial failure, the entrepreneurial performance is 4.83% higher, and more assets and family labors invested in their new start-up businesses.The above conclusions still hold after overcoming the potential endogenous problems by taking the entrepreneurial failure rate of district and county excluding the sample itself every year as a tool variable.Heterogeneity analysis shows that the impact of entrepreneurial failure on subsequent entrepreneurial decision and performance is more obvious in rural families, and this impact is significant in all regions except northeast China.In addition, this paper further studies the possible mechanism of the impact of entrepreneurial failure on subsequent entrepreneurial performance from four angles:learning from failure, social capital, human capital and individual effort. The possible contributions of this paper are as follows: Firstly, this paper systematically studies the issues of entrepreneurial failure by using more convincing large sample tracking data.Secondly, this paper further studies the mechanism of the impact of entrepreneurial failure on subsequent entrepreneurial performance.Thirdly, this paper uses different methods to test the robustness of the estimation results, and analyzes the heterogeneity, which supplements the existing research.This study has some enlightenments to relieve the unreasonable allocation of entrepreneurial resource and to encourage the subsequent entrepreneurial intentions.