دانلود رایگان مقاله انگلیسی بحران مالی اخیر، تامین مالی شرکت های نوپا و بقا - وایلی 2018

ABSTRACT

We investigate the effects of the recent financial crisis on start-up financing and survival using a data set 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 to go bankrupt, even after controlling for their creditworthiness. These effects are stronger for start-ups that are more dependent on bank debt, such as startups founded in bank dependent industries and start-ups founded by entrepreneurs who are more likely financially constrained.

Conclusions

This study uses a novel data set to explore the effects of credit market conditions at founding on start-up financing and survival. Towards this end, we trace the firm-level impact of the recent financial crisis. The use of bank debt and proportion of bank debt to total financing sources raised decreased significantly for start-ups founded in crisis years relative to start-ups founded in pre-crisis years. However, bank debt remains the single most important source of financing for start-ups, even when these start-ups are founded during the height of the crisis. This result is surprising in light of current theoretical models arguing that market imperfections, such as information asymmetry, will prevent start-ups—arguably the most informationally opaque firms—from accessing formal debt markets (e.g., Berger and Udell, 1998; Stiglitz and Weiss, 1981). This result is also surprising in view of the current focus on equity financing for startups (see also Cumming and Vismara, 2017). Our evidence on the importance of bank debt is consistent with recent evidence from US start-ups founded in 2004 (Robb and Robinson, 2014). However, we further extend this research by showing that the importance of bank financing for start-ups reflects a broader pattern for start-ups founded in fundamentally different credit market conditions.