Do initial financial conditions determine the exit routes of start-up firms?
Do initial financial conditions determine the exit routes of start-up firms?
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初始财务状况是否决定了初创公司的退出路径？
DOI：
10.1007/s00191-019-00623-0
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发表时间：
2019
影响因子：
1.8
通讯作者：
Masatoshi Kato
中科院分区：
文献类型：
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作者：
Yuji Honjo;Masatoshi Kato
本研究以16，185家日本股份制企业为样本，考察了初始财务状况对企业进入后绩效的影响。我们研究是否初始的财务条件，包括进入法规，影响日本初创企业的生存时间，区分失败和合并。我们提供的证据表明，创业公司，更依赖于股权比债务融资不太可能在较短的时间内失败，虽然我们发现很少有证据表明，初始股本规模有显着影响的时间失败的初创公司在我们的样本。此外，我们发现，股权融资的负面影响的时间失败的是更大的初创企业成立后，废除规定的最低资本要求。此外，研究结果还发现，初始股权资本越大的初创企业越有可能通过并购退出，这表明初始融资条件的影响取决于退出途径的类型。
This study investigates the impact of initial financial conditions on the post-entry performance of firms in a sample of 16,185 Japanese joint-stock companies. We examine whether initial financial conditions, including entry regulations, affect the duration of survival among Japanese start-up firms, distinguishing between failure and merger. We provide evidence that start-up firms that rely more on equity than on debt financing are less likely to fail within a shorter period, although we find little evidence that initial equity size has a significant effect on the time to failure of start-up firms in our sample. Moreover, we find the negative effect of equity financing on the time to failure to be greater for start-up firms founded following the abolition of regulations for minimum capital requirements. Furthermore, the results reveal that start-up firms with larger initial equity capital are more likely to exit through merger, indicating that the effects of initial financial conditions depend on the type of exit route.