包容性制度如何激发创业活力

Abstract

As a fundamental component of the market economy system, the personal bankruptcy system provides basic rules for market credit transactions and resource flows. This paper expands on this basic positioning and, from the perspective of entrepreneurial behavior, views it as a downside insurance mechanism for natural persons, incentivizing individuals to fully participate in entrepreneurship by reducing exposure to downside risks, and conducts an empirical analysis using the quasi-natural experimental scenario provided by pilot regions. The results show that the personal bankruptcy system significantly promotes individual participation in entrepreneurship by providing downside insurance. This effect is particularly evident among materially disadvantaged groups who are more sensitive to downside risks, revealing that the personal bankruptcy system helps provide greater opportunities for upward mobility, and is conducive to promoting equality of opportunity and inclusive development. At the same time, the pilot significantly improved the entrepreneurial quality of new entrants, consistent with the positive selection effect brought by providing downside insurance. The pilot also promoted entrepreneurial exit by strengthening the competitive environment for entrepreneurship, improving the efficiency of market resource allocation. In addition, the personal bankruptcy system shows broad positive impacts in incentivizing innovation, job creation, consumption stimulation, and economic growth. This paper reveals the public policy implications of the personal bankruptcy system beyond its basic positioning, providing theoretical basis and reference experience for future personal bankruptcy legislation and for achieving macro-employment and inclusive development goals based on micro-incentives.