The Recent Financial Crisis, Start‐Up Financing and Survival
The Recent Financial Crisis, Start‐Up Financing and Survival
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最近的金融危机、初创企业融资与生存
DOI：
10.1111/jbfa.12319
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发表时间：
2018
期刊：
影响因子：
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通讯作者：
T. Vanacker
中科院分区：
文献类型：
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作者：
M. Deloof;T. Vanacker
我们调查了最近的金融危机对初创企业融资和生存的影响，使用的数据集涵盖了2006年至2009年期间比利时所有的新企业注册。我们发现，银行债务是最重要的资金来源，即使是在危机期间成立的初创企业也是如此。然而，在危机年代成立的初创企业使用的银行债务较少，破产的可能性更高，即使在控制了他们的信誉之后。这些影响对于更依赖银行债务的初创企业来说更强，例如在依赖银行的行业中成立的初创企业以及由更有可能受到财务约束的企业家创立的初创企业。
We investigate the effects of the recent financial crisis on start‐up financing and survival using a dataset that covers all Belgian new business registrations between 2006 and 2009. We find that bank debt is the single most important source of funding, even for start‐ups founded during the crisis. However, start‐ups founded in crisis years use less bank debt and have a higher likelihood of bankruptcy, even after controlling for their creditworthiness. These effects are stronger for start‐ups that are more dependent on bank debt, such as start‐ups founded in bank dependent industries and start‐ups founded by entrepreneurs who are more likely to be financially constrained.