《保险研究》20240101-《家企混同、保险保障与创业存活》（石晓军、杜宝瑞、秦国庆）

［摘   要］创业存活比创业涌现更重要，中国小微企业存活水平低是导致“消失的中等企业”问题的重要原因，是阻碍创新型经济发展的关键掣肘。本文从“家企混同”的独特视角出发，构建了“家庭资产-创业企业-家庭保险”的资产组合理论模型，得到了家庭保险提升创业存活的一系列可检验假设。进一步，使用中国家庭金融调查(CHFS)小微企业主样本并融合创业政策数据、淘宝村数据、数字金融指数进行实证检验。经验证据显示，家庭保险能显著提升创业存活，且该结论具有稳健性，在考虑了内生性问题后依旧成立；提升效应因保险属性、行业要素弹性、所处区域的不同而存在异质性；家庭保险对存活企业资产规模和员工数量具有正向影响，有助于存活企业迈向中等企业之路；家庭保险与国家创业政策及数字金融具有协同效应。从作用机制来看，一方面，家庭保险能够抑制“家产企用”所产生的连带风险，从而提升创业存活；另一方面，家庭保险能够抑制“家事殃企”所引发的风险溢出，从而提升创业存活。

［关键词］创业存活；小微企业；家庭保险；家企混同

［基金项目］国家社会科学基金重点项目“构建金融有效支持实体经济着力点的体制机制研究”(21AZD028)。

［作者简介］石晓军，中国人民大学财政金融学院、中国财政金融政策研究中心教授，博士生导师，管理学博士；杜宝瑞（通讯作者），中国人民大学财政金融学院博士研究生；秦国庆，西北农林科技大学经济管理学院副教授，管理学博士。

Family-enterprise Confusion，Insurance Coverage & Enterprise Survival

SHI Xiao-jun，DU Bao-rui，QIN Guo-qing

Abstract：Enterprise survival is more important than their emergence.The low survival rate of small & micro enterprise in China is the major reason for the issue of “disappearing medium-sized firms”，which is a key obstacle to the development of an innovative economy.This study constructs an asset portfolio theory model based on the unique perspective of “family-enterprise confusion”，which involves the interactions of family assets，entrepreneurial firms & family insurance.It obtains a series of verifiable assumptions that family insurance can improve on enterprise survival.Furthermore，the study utilizes data from China Household Finance Survey (CHFS) and combines it with entrepreneurial policy data，Taobao village data，& digital finance data for empirical testing.The evidence suggests that household insurance plays a significant role in improving the survival of small & micro enterprises.This conclusion remains robust even after considering potential endogeneity.Moreover，the impact of household insurance on enterprise survival varies due to insurance attributes，industry elasticity and regional differences.It is worth noting that household insurance also has positive impacts on the asset scale and the number of employees of the surviving enterprises，and promotes the surviving enterprises to move towards medium-sized enterprises.Furthermore，this study reveals that family insurance exhibits synergies with national entrepreneurial policies and digital finance.Regarding the underlying mechanisms，on one hand，household insurance can suppress the joint risks generated by “family assets occupancy by enterprises”，thereby enhancing the enterprise survival.On the other hand，household insurance can curb the risk spillover caused by “family affairs harming enterprises”，thus boosting the enterprise survival.

Key words：enterprise survival;small & micro businesses;household insurance;family-enterprise confusion