题目：Is Social Insurance an Entrepreneurship Lock or Catalyst? Evidence from China
Yun Dai is an Assistant Professor of Finance at Lingnan (University) College. She obtained her PhD diploma in Erasmus University Rotterdam in 2014, and became a CFA Charter holder in 2015. Before joining Lingnan, she worked in University of Groningen and Erasmus University Rotterdam. Her research interest mainly lies in Corporate Finance, covering topics on M&A, IPOs, and Employee Compensation etc. Her studies have been published on top journals such as Games and Economic Behavior and Economic Research Journal (《经济研究》).
Abstract:Is social insurance an entrepreneurship lock or catalyst is an open question for economists and policy makers. Based on China Health and Nutrition Survey (CHNS), this paper seeks to address this question by exploiting exogenous variations in the policy coverage of medical insurance between employees vis-à-vis entrepreneurs. Using both Probit Model and Linear Probability Model, the paper finds that the availability of social insurance to entrepreneurs enhances the entrepreneurship, while a high coverage of social insurance to non-entrepreneurs discourages entrepreneurial activities. To explore potential causal mechanisms, we find that increasing the coverage of the insurance can encourage entrepreneurship by relaxing credit and risk constraints. The endogeneity problem is addressed by falsification tests, two-stage regressions and a Heckman self-selection model. All the empirical results support the robustness of our conclusion. To our knowledge, we are among the first to empirically establish the significance of social insurance on entrepreneurship in China.