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Does social insurance stimulate business creation? Evidence from China

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  • Liu, Chen
  • Yang, Wei

Abstract

This study investigates the causal effects of social health insurance on business creation. Since 2007, China has launched a health insurance program for urban residents without formal employment, i.e., the Urban Resident Basic Medical Insurance (URBMI). By exploiting the natural experiment, we conduct a staggered difference-in-differences to show that URBMI significantly enhances new firm creation. Results are robust after addressing endogeneity and using alternative dataset. The above effect is particularly pronounced in regions with high level of intellectual property protection, financial development, human capital, and social trust. Finally, risk taking is a plausible mechanism through which health insurance affects entrepreneurship.

Suggested Citation

  • Liu, Chen & Yang, Wei, 2023. "Does social insurance stimulate business creation? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:pacfin:v:79:y:2023:i:c:s0927538x23000549
    DOI: 10.1016/j.pacfin.2023.101988
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