The Winner’s Curse of Human Capital
The Winner’s Curse of Human Capital
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人力资本的胜利者诅咒
DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
I. Bernhardt
中科院分区：
文献类型：
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作者：
Thomas Åstbro;I. Bernhardt
我们推广了埃文斯和约万诺维奇(1989)开发的模型，以解释初创企业何时受到信贷限制。我们发现，信贷约束的大小取决于人力资本在工资工作和自营职业中的相对生产率。预测家庭收入对启动资本的影响被用来表明财务约束的存在。实证分析表明，拥有较高人力资本的企业家拥有更大的财务财富和更多的创业资本水平，这表明了信贷约束的内生性。高人力资本放松了财务约束，这显然是因为人力资本在工资工作中的生产率高于自营职业。那些在自我雇佣方面最不可能受到信贷约束的人，也是那些最不可能转变为自我雇佣的人，反之亦然。
We extend a model developed by Evans and Jovanovic (1989) to explain when start-ups are credit constrained. We show that the magnitude of the credit constraint is conditioned by the relative productivity of human capital in both wage work and self-employment. The effect of predicted household income on start-up capital is used to indicate the existence of financial constraint. Empirical analysis reveals that entrepreneurs with high human capital have both greater financial wealth and greater levels of start-up capital pointing to the endogenous nature of credit constraints. High human capital relaxes financial constraints, apparently due to greater productivity of human capital in wage work than in self-employment. Those who are the least likely to be credit constrained in self-employment are those that are least likely to switch into self-employment,and vice versa.