The Cost of Financing Education: Can Student Debt Hinder Entrepreneurship?
The Cost of Financing Education: Can Student Debt Hinder Entrepreneurship?
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教育融资成本：学生债务会阻碍创业吗？
DOI：
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发表时间：
2017
期刊：
影响因子：
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通讯作者：
Pinshuo Wang
中科院分区：
文献类型：
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作者：
K. Krishnan;Pinshuo Wang
我们发现，学生债务是负相关的倾向，开始一个公司，特别是更大和更成功的企业。由于1998年高等教育修正案的外生变化，学生债务完全不可通过个人破产来免除，这降低了学生贷款借款人创业的可能性。此外，由于1992年高等教育修正案对学生债务水平的外源冲击对本条例实施时已经在四年制大学的学生的创业率产生了负面影响。有更多学生债务的企业家更有可能拖欠学生债务，当他们的企业成功时，这种关系就会减轻。我们的证据表明，学生债务通过加剧负面商业结果对个人的影响来抑制创业精神。数据和互联网附录可在https://doi.org/10上查阅。
We find that student debt is negatively related to the propensity to start a firm, particularly larger and more successful ventures. An exogenous change due to the Higher Education Amendments of 1998, which made student debt completely nondischargeable through personal bankruptcy, reduced the likelihood of entrepreneurship by student loan borrowers that were already in four-year college at the time of this regulation. Moreover, an exogenous shock to the level of student debt due to the Higher Education Amendments of 1992 negatively impacts entrepreneurship rates for students already in four-year college at the time of this regulation. Entrepreneurs with more student debt are more likely to fall behind on their student debt payments, and this relation is mitigated when their ventures are successful. Our evidence indicates that student debt inhibits entrepreneurship by exacerbating the effect of negative business outcomes on the individual. Data and the internet appendix are available at https://doi.org/10....