基于全国性的农民工调查数据，从社会资本视角考察我国农民工创业融资方式问题，采用有序响应模型从三个方面对社会资本与农民工创业融资方式进行了实证检验，包括：个人特征、家庭禀赋、社会资本。调查结果表明，农民工创业者大部分依赖自有资金，融资渠道较少，只有少部分创业者能够获得正规金融结构的贷款，这严重制约了农民工自主创业的发展。值得注意的是，实证分析结果表明，个人特征和社会资本是影响农民工创业者借贷行为的重要因素，家庭禀赋对农民工创业融资方式影响并不显著，表明内源性融资与外源性融资有较强的替代性。社会资本对农民工获得有效借贷具有显著的正向影响，说明社会网络对发展普惠金融体系具有重要的作用。%Based on the data from a national survey ,this paper analyzes the migrant workers'venture capital fi‐nance problem from the perspective of social capital ,and applies the ordered response model to probe the determi‐nant factors that affect the venture capital finance of the migrant workers from three dimensions including the per‐sonal characters ,family endowment and social capital .The survey results show that migrant entrepreneurs rely mostly on their own funds ,with too few credit channels ,informal lending is still the main stream of rural financial market .Only a few entrepreneurs have access to formal lending ,which seriously restrict the development of mi‐grant workers'own businesses .Interestingly ,empirical analysis results show that the personal characters and social capital are important factors affecting migrant entrepreneurs credit behavior ,while family endowment has no obvi‐ous significant effect on venture finance selection .Endogenous finance can substitute exogenous finance in most ca‐ses .Social capital has a significant positive effect on the effective lending ,w hich means social capital plays an im‐portant role in the construction of inclusive finance system .
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