STICKING IT OUT - ENTREPRENEURIAL SURVIVAL AND LIQUIDITY CONSTRAINTS
STICKING IT OUT - ENTREPRENEURIAL SURVIVAL AND LIQUIDITY CONSTRAINTS
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DOI：
10.1086/261921
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发表时间：
1994-02-01
影响因子：
8.2
通讯作者：
ROSEN, HS
中科院分区：
文献类型：
--
作者：
HOLTZEAKIN, D;JOULFAIAN, D;ROSEN, HS
我们研究为什么有些人生存的企业家和其他人没有。此外，我们分析了创业型企业的成长，生存的条件。我们的重点是获得资本的作用：流动性约束在多大程度上增加了创业失败的可能性？实证策略基于以下逻辑：如果企业家不能通过借贷来获得利润最大化的资本水平，那么那些拥有大量个人财务资源的企业家将比那些没有的企业家更成功。这些数据包括1981年和1985年获得遗产的一组人的联邦个人所得税申报表。这些数据使我们能够识别1981年的个体经营者，并确定继承导致的流动性增加的幅度对保持个体经营者身份的影响程度。研究结果与流动性约束对创业企业的生存能力产生显著影响的观点是一致的。 例如，一笔15万美元的遗产使个人继续作为独资经营者的概率增加了1.3个百分点，如果企业生存下来，其收入增加了近20%。
We examine why some individuals survive as entrepreneurs and others do not. In addition, we analyze the growth of entrepreneurial enterprises, conditional on surviving. Our focus is on the role of access to capital: To what extent do liquidity constraints increase the likelihood of entrepreneurial failure? The empirical strategy is based on the following logic: If entrepreneurs cannot borrow to attain their profit-maximizing levels of capital, then those entrepreneurs who have substantial personal financial resources will be more successful than those who do not. The data consist of the 1981 and 1985 federal individual income tax returns of a group of people who received inheritances. These data allow us to identify those individuals who were sole proprietors in 1981 and to determine the extent to which the decision to remain a sole proprietor was influenced by the magnitude of the inheritance-induced increase in liquidity. The results are consistent with the notion that liquidity constraints exert a noticeable influence on the viability of entrepreneurial enterprises. For example, a $150,000 inheritance increases the probability that an individual will continue as a sole proprietor by 1.3 percentage points, and if the enterprise survives, its receipts increase by almost 20 percent.