Job Creation, Small vs. Large vs. Young, and the SBA
Job Creation, Small vs. Large vs. Young, and the SBA
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DOI：
10.2139/ssrn.2661480
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发表时间：
2015-09
期刊：
影响因子：
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通讯作者：
J. D. Brown;John S. Earle;Y. Morgulis
中科院分区：
文献类型：
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作者：
J. D. Brown;John S. Earle;Y. Morgulis
分析了1991年至2009年所有小企业管理局（SBA）贷款的列表，并与1976年至2012年所有美国雇主的年度信息相关联，我们采用详细的匹配和回归方法来估计SBA贷款对企业年龄和规模组的就业创造和企业生存的影响。每百万美元贷款创造的就业机会数量一般随着规模的增加和年龄的减少而增加。结果表明，快速增长的企业（“瞪羚”）经历最大的财务约束的增长，而小，成熟的企业的增长是最少的财务约束。对于面临“死亡之谷”的年轻和小型企业，生存与贷款额之间的关联估计更大。
Analyzing a list of all Small Business Administration (SBA) loans in 1991 to 2009 linked with annual information on all U.S. employers from 1976 to 2012, we apply detailed matching and regression methods to estimate the variation in SBA loan effects on job creation and firm survival across firm age and size groups. The number of jobs created per million dollars of loans generally increases with size and decreases in age. The results imply that fast-growing firms ("gazelles") experience the greatest financial constraints to growth, while the growth of small, mature firms is least financially constrained. The estimated association between survival and loan amount is larger for younger and smaller firms facing the "valley of death".