Personal Credit, New Firm Formation and Entrepreneurial Firm Growth

本项目研究个人信用、创业精神和企业形成之间的关系。创新政策的一个重要部分是针对小企业，但人们对个人财务与初创企业之间的联系知之甚少。 这项研究的贡献是创建一个新的数据集，将个人信用报告的数据与新公司的初创公司相结合。 这项研究评估了个人信用在影响新公司启动和长期成功方面的作用。智力优势：这项研究的贡献是促进对信贷准入和个人信用评分对个人和小企业融资决策的作用的理解。这项研究为个人信用和人力资本的重要性提供了新的见解：a）个人层面的个人决定，如拖欠、个人违约和破产B）部分由个人担保的个人融资资助的小企业的形成、成功和失败，c）人力资本积累与银行和其他来源信贷可用性之间的联系，工作流失对个人破产和新公司形成的影响。本项目还加深了对小企业管理局（SBA）贷款这一重要政策杠杆如何影响小型创业企业的后续增长的理解。更广泛的影响：研究结果将为有关小企业获得信贷和新企业组建的创新政策提供信息。 这项研究还为许多研究人员研究获得信贷和公司动态之间的联系创造了一个重要的新数据集。

This project examines the relationship between individual personal credit, entrepreneurship and business formation. An important part of innovation policy targets small firms, but little is known about the links between individual finances and firm startups. The contribution of this research is to create a new dataset that combines data on individual credit reports with new firm startups. The research assesses the role of individual credit in influencing new firm start-up and longer term success. Intellectual Merit: The contribution of the research is to advance understanding of the role of credit access and personal credit scores on individual decisions regarding personal and small business finance. This research provides new insights into the importance of personal credit and human capital in understanding: a) individual decisions at the personal level such as delinquency, personal default and bankruptcy b) the formation, success and failure of small businesses that are partially funded by personal finance with personal guarantees, c) the link between human capital accumulation and the availability of credit from banks and other sources, and d) the effect of job churn on individual bankruptcy and new firm formation. This project also deepens understanding about the ways in which an important policy lever, Small Business Administration (SBA) loans, affects the subsequent growth of small entrepreneurial firms.Broader Impact: The results of the research should inform innovation policies regarding access to credit by small firms and new firm formation. The research also creates an important new dataset for many researchers to study the links between access to credit and firm dynamics.