Through a NEG model integrating individual entrepreneurial choice, this paper makes a theoretical analysis on how infrastructure affects entrepreneurship, and holds that reducing the marginal cost of start-up business is the reason why the former promotes the latter. In order to accurately evaluate the impact of infrastructure upgrading on entrepreneurship, further take the opening of high-speed railway and the construction of smart city as exogenous impact variables, and empirically investigate their effects, regional differences and action mechanism through DID model based on two micro data sets of enterprise business registration information and venture capital cases. Through the analysis of the empirical results, the following suggestions are put forward: We should make full use of the positive impact of infrastructure upgrading on improving the business environment and provide "hardware" support for entrepreneurship; Attach great importance to the significance of new infrastructure to the growth of entrepreneurship and the improvement of the imbalance of entrepreneurship among regions; Control the construction rhythm of high-speed rail and other transportation infrastructure to avoid aggravating the gap of entrepreneurship level between regions.
