Entrepreneurial uncertainty during the Covid-19 crisis: Mapping the temporal dynamics of entrepreneurial finance
Entrepreneurial uncertainty during the Covid-19 crisis: Mapping the temporal dynamics of entrepreneurial finance
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DOI：
10.1016/j.jbvi.2020.e00174
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发表时间：
2020-06-10
影响因子：
--
通讯作者：
Rocha A
中科院分区：
文献类型：
--
作者：
Brown R;Rocha A
本文阐述了危机事件造成的长期不确定性如何影响初创企业和中小企业获得创业资金来源。为了探索这一论点，本文研究了Crunchbase的实时数据，这些数据考察了中国在2019冠状病毒病危机期间的创业金融投资。该文件显示，这些股权投资在新冠病毒爆发后立即大幅下跌，导致2019年第一季度至2020年第一季度的投资总额同比下降60%。重要的是，该报告发现，早期种子投资下降最快，这表明新生的初创企业受到危机的影响最严重。尽管全球金融危机严重打击了债务市场，但股权投资的关系性质可能意味着企业融资更容易受到新冠肺炎危机引发的重大动荡的影响。总的来说，企业决策者需要更好地监测实时数据源，以通过战略政策应对措施减轻长期的创业不确定性。本文阐述了危机事件造成的长期不确定性如何影响股票投资的可用性。中国的股权投资大幅下跌，导致集资额同比减少60%。该论文发现，早期种子投资下降幅度最大，这表明新兴初创企业受到的影响最大。政策制定者需要更好地监控实时数据源，以减轻创业的不确定性。
This paper illustrates how chronic uncertainty caused by crisis events affects the availability of entrepreneurial sources of finance for start-ups and small and medium-sized enterprises (SMEs). To explore this line of argument, this paper examines Crunchbase real-time data examining entrepreneurial finance investments in China during unfolding Covid-19 crisis. The paper shows that these equity investments slumped dramatically in the immediate aftermath of the Covid-19 virus, resulting in a year on year decrease of 60% in the total volume of investment raised between quarter 1 in 2019 and quarter 1 in 2020. Importantly, the paper found early-stage seed investments falling the steepest, suggesting nascent start-ups are those most heavily affected by the crisis. While the global financial crisis heavily hit debt markets, the relational nature of equity investments may mean entrepreneurial finance is even more susceptible to major upheaval caused by the Covid-19 crisis. Overall, enterprise policy makers need to become better attuned at monitoring real-time data sources to mitigate chronic entrepreneurial uncertainty via strategic policy responses. This paper illustrates how chronic uncertainty caused by crisis events affects the availability of equity investments. Equity investments in China slumped and resulted in a year on year decrease of 60% in the volume of investment raised. The paper found early-stage seed investments falling the steepest, suggesting nascent start-ups are those most affected. Policy makers need to become better attuned at monitoring real-time data sources to mitigate entrepreneurial uncertainty.