Liquidity Constraints and Entrepreneurial Performance
Liquidity Constraints and Entrepreneurial Performance
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流动性限制与创业绩效
DOI：
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发表时间：
2007
期刊：
影响因子：
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通讯作者：
Jarle Møen
中科院分区：
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作者：
Hans K. Hvide;Jarle Møen
如果企业家的流动性受到限制，无法通过借贷来有效地进行规模经营，那么那些拥有更多个人财富的人应该比那些财富较少的人做得更好。我们调查这一假设使用一个独特的数据集从挪威。与流动性约束存在一致，我们发现创始人先前的财富和初创企业规模之间存在很强的正相关关系。以资产盈利能力衡量，在财富分配的主要部分，先前财富与初创企业业绩之间的关系有所增加，而在顶层则急剧下降。我们估计，从财富分布的第10百分位到第75百分位，资产的盈利能力增加了约8个百分点。这表明企业家生产函数具有收益递增的区域。流动性限制可能会阻止企业家利用边际生产率的“驼峰”。从第75百分位到第99百分位，回报率下降了大约10个百分点。这表明，流动性充裕可能弊大于利.
If entrepreneurs are liquidity constrained and cannot borrow to operate on an efficient scale, those with more personal wealth should do better than those with less wealth. We investigate this hypothesis using a unique datset from Norway. Consistent with liquidity constraints being present, we find a strong positive relationship between founder prior wealth and start-up size. The relationship between prior wealth and start-up performance, as measured by profitability on assets, increases for the main bulk of the wealth distribution and decreases sharply at the top. We estimate that profitability on assets increases by about 8 percentage points from the 10th to the 75th percentile of the wealth distribution. This suggests an entrepreneurial production function with a region of increasing returns. Liquidity constraints may then stop entrepreneurs from being able to exploit a "hump" in marginal productivity. From the 75th to the 99th percentile returns drops by about 10 percentage points. This suggests that an abundance of liquidity may to do more harm than good.