دانلود مقاله تامین مالی بدهی، بقا و رشد شرکت های استارت آپ
Abstract
1- Introduction
2- Hypotheses
3- Data
4- Methodologies
5- Empirical results
6- Summary and conclusions
Appendix A.
References
Abstract
We analyze the relation between different forms of debt financing at the firm's start-up and subsequent firm outcomes. We distinguish between business debt, obtained in the name of the firm, and personal debt, obtained in the name of the firm's owner and used to finance the start-up firm. Start-up firms with better performance prospects are more likely to use debt and, in particular, business debt. Compared to all-equity firms, firms using debt at the initial year of operations are significantly more likely to survive and achieve higher levels of revenue three years after the firm's start-up. However, results hold for business debt only. Debt obtained in the name of the firm is associated with longer survival time and higher revenues, while debt obtained in the name of the firm's owner has no effect on survival time and is associated with lower revenues.
Introduction
During the past few decades, academic researchers and policy makers have been trying to identify factors that determine success, measured by survival and growth, of entrepreneurial firms. Because of the limited availability of data on young entrepreneurial business ventures, most studies have focused on older, more established firms.1 More recently, the Kauffman Firm Surveys (KFS) have provided a rich source of information on approximately 5000 start-up firms established during 2004 and surveyed annually through their early years of operation.2 Using KFS data, Robb and Robinson (2014) analyze the capital structure decisions of new entrepreneurial firms and find that: (i) start-up firms rely heavily on external debt in the form of loans and credit lines from banks; and (ii) higher levels of external debt at start-up are associated with faster growth in revenues and employment. This study extends Robb and Robinson (2014) by documenting the differential effects on a start-up firm's survival and growth attributable to the use of external debt obtained in the name of the business (business debt) versus external debt obtained in the name of the firm's owner and used to finance the start-up firm (personal debt). This distinction is not considered or explored by Robb and Robinson (2014), who pool bank loans granted to the firm with bank loans granted to the firm's owner(s) to define the external debt. Yet, we find that only business bank debt, and not personal debt, is associated with more successful outcomes for start-up firms. Thus, it is important to consider the form of a start-up's debt when evaluating the relation between the capital structure decisions and survival and growth of young entrepreneurial firms.