NEW-FIRM STARTUPS, TECHNOLOGY, AND MACROECONOMIC FLUCTUATIONS
NEW-FIRM STARTUPS, TECHNOLOGY, AND MACROECONOMIC FLUCTUATIONS
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DOI：
10.1007/bf01064858
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发表时间：
1994-12-01
影响因子：
6.4
通讯作者：
ACS, ZJ
中科院分区：
文献类型：
--
作者：
AUDRETSCH, DB;ACS, ZJ
我们在 1976 年至 1986 年间 6 个时期内 117 个行业横截面的框架内对新公司创业活动进行了审查。引入了一个模型，将创业活动与商业周期的要素（特别是宏观经济增长率、资本成本和失业率）以及行业特定特征（特别是行业背后的技术条件）联系起来。汇总的横截面回归结果表明，宏观经济波动以及行业特定因素都有助于创业活动。尽管新企业初创企业对宏观经济增长做出积极反应，但较低的资本成本和高失业率却推动了它们的发展。一个有些令人惊讶的结果是，在资本密集型行业以及研发支出发挥重要作用的行业，新公司的初创企业并没有明显受到阻碍。实证结果表明，新公司或许能够通过利用大学研究和追求创新活动来克服其固有规模和在此类市场中遇到的劣势。
New-firm startup activity is examined within a framework pooling a cross-section of 117 industries over six time periods between 1976 and 1986. A model is introduced relating startup activity both to elements of the business cycle, in particular the macroeconomic growth rate, the cost of capital, and the unemployment rate, and to industry-specific characteristics, especially the technological conditions underlying the industry. The pooled cross-section regression results suggest that macroeconomic fluctuations as well as industry-specific elements contribute to startup activity. While new-firm startups respond positively to macroeconomic growth, they are promoted by a low cost of capital and high unemployment rate. A somewhat surprising result is that new-firm startups are not apparently deterred in capital intensive industries and where R&D expenditures play an important role. The empirical results suggest that new firms may be able to overcome their inherent size and experience disadvantages in such markets through exploiting university research and pursuing innovative activity.