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2005-01-04
英文文献:Nascent Entrepreneurs, Innovation and Financing Constraints-新生的企业家、创新和融资约束
英文文献作者:David B. Audretsch,Werner B?nte,Prashanth Mahagaonkar
英文文献摘要:
Innovative nascent entrepreneurs face the problem of obtaining finance, mainly due to information problems. We use new data on capital seeking start-ups allowing distinction between planning stage and early stage. Being innovative does not affect the probability of having external finance in the planning stage but has a positive effect in the early stage. Early start-ups with patents have a significantly higher probability of having equity whereas debt is not affected. Patents, coupled with prototypes have a higher probability for external finance which may be due to reduced uncertainties and learning. The most important determinant of debt is house ownership.

新兴的创新企业家面临融资问题,主要是由于信息问题。我们使用新数据寻找资本的初创企业,允许区分规划阶段和早期阶段。创新并不影响在规划阶段获得外部资金的可能性,但在早期阶段有积极的影响。拥有专利的早期初创企业拥有股权的可能性要大得多,而债务则不会受到影响。专利,加上原型有更高的外部融资的可能性,这可能是由于减少的不确定性和学习。债务最重要的决定因素是房屋所有权。
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