Digital finance, cultural capital, and entrepreneurial entry

Abstract

Cultural capital plays a crucial role in influencing entrepreneurial entry, yet the regulatory and supportive role of digital finance in this context remains unclear. Based on Chinese Family Panel Studies (CFPS) and data from the Chinese intangible cultural heritage (ICH) listing, this paper examines the significant regulatory role of digital finance in driving entrepreneurial entry through cultural capital. The research findings indicate that cultural capital represented by the ICH listing, significantly enhances the probability of entrepreneurial entry and the support of digital finance effectively amplifies this promoting effect as validated by multiple robustness tests. Further heterogeneity analysis reveals that the regulatory impact of digital finance support is more pronounced among urban populations, married groups, and individuals with high Internet usage frequency.