本文旨在探討創業與經濟成長的實證關係，依據Romer (1990)內生經濟成長模型與Acemoglu, Johnson, and Robinson (2005)的研究，制度透過知識外溢管道影響經濟成長，顯示當制度愈完善時，經濟成長率會增加。本文採用全球創業觀察報告的資料，共計45個國家，2001年至2015年跨國實證資料，並使用制度作為門檻變數進行門檻迴歸分析，探討創業與經濟成長的非線性關係。門檻迴歸以全球競爭力指數-制度部分(GCII)當作制度的代表變數，實證結果可得出一個門檻值(GCII=4.093)，以此門檻值將資料區分成低制度完善程度(GCII≤4.093)與高制度完善程度(GCII>4.093)，低制度完善程度國家創業率與經濟成長無顯著關係，高制度完善程度國家創業率上升對經濟成長具有正面影響。除此之外，本文將資料依高/低制度完善程度分割後進行兩階段動差法分析，實證結果發現高制度完善程度國家創業率上升對經濟成長具有正面影響。

The paper presents the relationship of entrepreneurship and economic growth. Based on Romer (1990) Endogenous growth models and Acemoglu et al. (2005), the institution affects economic growth through the knowledge spillovers. When the institution is more perfect, economic growth will increase. Data from 45 countries for the years 2001 and 2015, as collected by Global Entrepreneurship Monitor (GEM) research, aim to empirically investigate the nonlinear relationship of entrepreneurship and economic growth by threshold regression. Threshold regression with the global competitiveness index-the institution (GCII) as threshold variable proves there is a threshold which GCII is equal to 4.093, and distinguishes countries into low(GCII≤4.093) and high(GCII>4.093) level of institution development by the threshold. The relationship of entrepreneurship and economic growth is with no significance in countries in low level, and is positive with significance in countries in high level. In addition, two-step system GMM with data distinguished into low and high level proves that the entrepreneurship rate significantly and positively impacts on economic growth rate in high level.

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