中文摘要：

本文就制度评价、持股水平对民营企业家幸福感的影响情况进行了系统考察.我们发现,民营企业家对其所在地的制度环境评价越高,其幸福感就越强.但是,这种正面作用的程度在具有不同幸福感状态下的民营企业家的表现是不同的.在幸福组的民营企业家中,这种正面作用相对较弱;在痛苦组的民营企业家中,这种正面作用明显更强.可见,一个公平、有效的制度环境,其政策含义不仅仅是在于“锦上添花”（提高幸福组民营企业家的幸福感水平）,更重要的是在于“雪中送炭”（更加明显地降低和缓解痛苦组民营企业家的痛苦水平）.就全部样本来看,持股水平与民营企业家的幸福感之间并不存在显著的相关关系;但是,在幸福组,持股水平与幸福感显著正相关;在痛苦组,持股水平与幸福感显著负相关.可见,持股水平会明显地加大民营企业家的幸福感波动程度.此外,我们还发现：（1）行业发展前景、规模、盈利状况、经济管理专业背景和收入水平等因素与民营企业家的幸福感指数之间存在着显著的正相关关系;（2）负债水平、多元化计划和公司历史等因素则与民营企业家的幸福感指数之间存在着显著的负相关关系;（3）前述因素对幸福感作用效果的程度在幸福组和痛苦组的表现也有所不同.

英文摘要：

Happiness is one of the most important elements of the life of human being. This article analyzes the impacts of institu- tional environment evaluation and entrepreneur shareholding on the happiness of China＇s private business entrepreneurs. Based on the 2010 survey data by China Entrepreneurs Survey System, we obtain variables on the happiness of entrepreneurs, the entrepreneurs＇ eval- uation of institutional environment, and a rich set of firm-level and entrepreneur-level characteristics. Using principal component anal- ysis on survey scores of the happiness of entrepreneurs, the pressure of entrepreneurs, the degree of satisfaction of the firm＇s status quo, the confidence of the firm＇s future, and the willingness to be an entrepreneur once again, we construct a happiness index. We then regress the happiness index on institutional environment variable, entrepreneur＇s shareholding, industry prospect, firm characteristics, and entrepreneur characteristics. We also include interaction items in the regression and use group regression techniques to explore in- fluences of institutional environment and entrepreneur shareholding on entrepreneur＇s happiness depending on the happiness status of the entrepreneurs. Our empirical tests reveal that the better the in- stitutional environment, the happier the entrepreneurs. However, the positive effect of institutional environment on happiness differs de- pending on the extent of happiness. The effect is less obvious for the happy group, but more significant for the unhappy （painful） group. Therefore, a fair, efficient institutional environment is not only icing on the cake （enhance the happiness of happy entrepreneurs）, but also fuel in a snowy whether （mitigate pain of unhappy entrepreneurs）. Meanwhile, there is a positive relationship between shareholding and happiness in happy group, but a negative relationship between them in painful group, which means that shareholding will enhance the variability of happiness. Finally, we find that, （1） happ