关系型借贷视角下购房融资方式与家庭创业行为——基于2017年中国家庭金融调查的实证研究

本文利用2017年中国家庭金融调查数据深入考察购房融资方式对家庭创业行为的影响。研究结果显示,相较于民间借贷购房的家庭,按揭贷款购房的家庭参与创业活动的可能性更高,且更倾向于主动创业。进一步机制分析发现,相较于民间借贷购房,按揭贷款购房能够降低家庭的流动性约束,缓解家庭的资金压力,从而促进创业。同时,按揭贷款购房能使家庭获得充足的贷款额度与较长的贷款期限,进而有助于家庭创业。而且在偿还按揭贷款的过程中,家庭能与银行建立长期良好的信贷关系,从而有助于提高家庭获得正规信贷的可能性,促进家庭创业。为了积极推进创业创新的战略部署,应进一步健全银行信贷体系,发展和完善住房金融制度,从而有利于缓解小微企业融资难、融资贵的问题,释放和激发家庭创业活力。     

Collateral and capital structure

We develop a dynamic model of investment, capital structure, leasing, and risk management based on firms' need to collateralize promises to pay with tangible assets. Both financing and risk management involve promises to pay subject to collateral constraints. Leasing is strongly collateralized costly financing and permits greater leverage. More constrained firms hedge less and lease more, both cross-sectionally and dynamically. Mature firms suffering adverse cash flow shocks may cut risk management and sell and lease back assets. Persistence of productivity reduces the benefits to hedging low cash flows and can lead firms not to hedge at all.     

Entrepreneurial Spawning: Experience,Education, and Exit

We investigate the career dynamics of high‐tech entrepreneurs by analyzing the exit choice of entrepreneurs: to act as a business angel, to found another firm, or to become dependently employed. Our detailed data from CrunchBase indicate that founders are more likely to stick with entrepreneurship as a serial entrepreneur or as an angel investor in cases where the founder had prior experience either in founding other startups or working for a startup, or had a “jack‐of‐all‐trades” education.     

Performance persistence in entrepreneurship

This paper presents evidence of performance persistence in entrepreneurship. We show that entrepreneurs with a track record of success are much more likely to succeed than first-time entrepreneurs and those who have previously failed. In particular, they exhibit persistence in selecting the right industry and time to start new ventures. Entrepreneurs with demonstrated market timing skill are also more likely to outperform industry peers in their subsequent ventures. This is consistent with the view that if suppliers and customers perceive the entrepreneur to have market timing skill, and is therefore more likely to succeed, they will be more willing to commit resources to the firm. In this way, success breeds success and strengthens performance persistence.     

Identifying and boosting “Gazelles”: Evidence from business accelerators

Why is high-growth entrepreneurship scarce in developing countries? Does this scarcity reflect firm capabilities constraints? We explore these questions using as a laboratory an accelerator in Colombia that selects participants using scores from randomly assigned judges and offers them training, advice, and visibility but no cash. Exploiting exogenous differences in judges’ scoring generosity, we show that alleviating constraints to firm capabilities unlocks innovative entrepreneurs’ potential but does not transform subpar ideas into high-growth firms. The results demonstrate that some high-potential entrepreneurs in developing economies face firm capabilities constraints and accelerators can help identify these entrepreneurs and boost their growth.     

Taxation and Venture Capital Backed Entrepreneurship

In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as well as subsidies to start-up costs of new firms affect venture capital backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important consequences for start-up firms as well.     

持续经营审计意见、分析师跟踪与融资约束

以2011-2016年我国A股上市公司数据为研究样本,运用现金—现金流敏感性模型,研究持续经营审计意见及分析师跟踪对融资约束的影响。研究发现：持续经营审计意见的出具加剧了上市公司面临的融资约束;分析师跟踪人数越多,上市公司面临的融资约束越小;分析师跟踪能够缓解被出具带强调事项段持续经营无保留审计意见公司的融资约束,加剧被出具其他持续经营审计意见（保留意见、无法表示意见和否定意见）公司的融资约束。     

A dynamic model of entrepreneurship with borrowing constraints: theory and evidence

Does wealth beget wealth and entrepreneurship, or is entrepreneurship mainly determined by an individual’s ability? A large literature studies the relationship between wealth and entry to entrepreneurship to inform this question. This paper shows that in a dynamic model, the existence of financial constraints to the creation of businesses implies a non-monotonic relationship between wealth and entry into entrepreneurship: the probability of becoming an entrepreneur as a function of wealth is increasing for low wealth levels—as predicted by standard static models—but it is decreasing for higher wealth levels. U.S. data are used to study the qualitative and quantitative predictions of the dynamic model. The welfare costs of borrowing constraints are found to be significant, around 6% of lifetime consumption, and are mainly due to undercapitalized entrepreneurs (intensive margin), rather than to able people not starting businesses (extensive margin).     

Severity of financing constraints and firms' investments

According to standard investment theory, the current investments of more financially constrained firms should be smaller than those of less constrained firms with similar investment opportunities. In this paper, I develop a dynamic investment model in which the project value and the severity of financing constraints can vary over time. My results contradict standard theory. To preempt further financing risk in the future, severely constrained firms may engage in more active investment behavior even if they face relatively high additional financing costs at the time. My numerical example demonstrates that a relatively low probability of future risk is sufficient to cause such preemptive behavior.     

融资约束、金融市场化与制造业企业出口国内增加值率

融资约束是制约中国企业发展的一个关键性因素。本文系统地检验了融资约束对制造业企业出口国内增加值率(DVAR)的影响和机制以及金融市场化在该影响中的调节作用。研究结果发现:(1)融资约束显著抑制了制造业企业出口DVAR的提升,这一结果在考虑测量误差和内生性问题后依然稳健。(2)影响机制检验结果显示,技术创新是融资约束抑制制造业企业出口DVAR提升的重要机制。(3)异质性分析显示加工贸易企业、民营企业和外资企业、低生产率企业、东部地区企业的融资约束对其出口DVAR提升的抑制作用较大。(4)金融市场化进程中的利率市场化能够有效缓解融资约束对制造业企业出口DVAR提升的抑制作用,而影子银行规模扩张则加重了融资约束对制造业企业出口DVAR提升的抑制作用。因此,缓解制造业企业的融资约束,提升其技术创新能力,推进并完善金融市场化水平是提升中国制造业出口DVAR,增强外贸获利水平的重要途径。     

Financing constraints, irreversibility, and investment dynamics

We develop a model of an industry with many heterogeneous firms that face both financing constraints and irreversibility constraints. We use this model to examine the cyclical behavior of aggregate fixed investment, variable capital investment, and output in the presence of persistent idiosyncratic and aggregate shocks. Our model yields three main results. First, the effect of the irreversibility constraint on fixed capital investment is reinforced by the financing constraint. Second, the effect of the financing constraint on variable capital investment is reinforced by the irreversibility constraint. Finally, the interaction between the two constraints is key for explaining why input inventories and material deliveries of US manufacturing firms are so volatile and procyclical, and also why they are highly asymmetrical over the business cycle.     

融资约束、审计费用与现金持有价值

审计费用和现金持有价值是公司财务审计研究领域的两个重要话题。审计费用高低所隐含的公司风险程度影响着投资者对公司增加现金持有量将产生积极还是消极效应的判断,会导致公司股票超额回报率的变化,进而也可能影响其现金持有价值,目前尚无相关的研究。本文以现金持有的边际价值模型为基础,引入审计费用和融资约束变量,对融资约束条件下审计费用与公司现金持有价值的关系进行研究后发现,过高的审计费用会降低公司的现金持有价值,审计费用增加得越多,公司的现金持有价值越低。进一步的分析发现,相对于其面临较高程度的融资约束时,公司面临较低程度的融资约束时审计费用对其现金持有价值的负向影响更为显著。     

Determinants of start-up firm external financing worldwide

The typical new start-up firm acquires external financing in stages through its development. Researchers have frequently examined the later stages of financing; however, they have rarely analyzed the early stages of financing. This study examines the determinants of the initial start-up financing of entrepreneurial firms in 27 countries. There are information asymmetries and moral hazard problems inherent in the funding of an initial start-up firm. Empirical results show that institutional investors rely on the experience of entrepreneurs in managing start-ups and the quality of investor protection to reduce moral hazard. On the other hand, informal investors are also common in initial start-up funding. They tend to be attracted to the type of products in the new firm. In comparison, informal investors are likely to have a social relationship with the entrepreneur, and thus have information about that person’s skill and character, which renders entrepreneurial experience less important.     

银行业竞争、融资约束与企业创新——中国工业企业的经验证据

本文将1998-2007年中国工业企业数据、专利申请数据与银监会公布的金融许可证数据相匹配,考察银行业竞争影响企业创新的内在机制。结果发现,竞争的加剧通过缓解企业面临的融资约束,从而提升其创新能力。在弱化内生性问题和一系列稳健性检验后,上述结果仍然稳健。进一步研究发现,外部融资依赖度较高的企业,中小、民营企业,以及位于市场化水平高和法治环境好的地区的企业,银行业竞争通过缓解融资约束促进其创新的效应更加明显。此外,本文还发现股份制银行和城商行的竞争能更好地推动企业创新。因此,建立健全多层次、多元化的金融体系,能有效缓解企业创新的融资困境,激发创新活力。     

The Effects of State-Mandated Financial Education on College Financing Behaviors

Students entering college have limited financial experience while making complex borrowing decisions. This paper examines a policy lever that may improve these decisions: high school personal finance graduation requirements. We use a difference-in-difference strategy to determine their effects on financial aid decisions of incoming freshmen at 4-year institutions. Our results suggest financial education shifts students from high-cost to low-cost financing. The requirements increase aid applications and acceptance of federal loans, while decreasing the likelihood of holding credit card balances. Students from less affluent family backgrounds reduce their likelihoods of working and borrowers from more affluent backgrounds reduce private loan amounts.     

Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation

Why do some start‐up firms raise funds from banks and others from venture capitalists? To address this question, I study a model in which the venture capitalist can evaluate the entrepreneur's project more accurately than the bank but can also threaten to steal it from the entrepreneur. Consistent with evidence regarding venture capital finance, the model implies that the characteristics of a firm financing through venture capitalists are relatively little collateral, high growth, high risk, and high profitability. The model also suggests that tighter protection of intellectual property rights encourages entrepreneurs to finance through venture capitalists.     

融资约束、经济政策不确定性与企业全要素生产率——基于我国上市制造业企业数据的经验分析

本文选取2005-2018年我国A股上市制造业企业的年度面板数据,通过固定效应模型和DID双重差分模型实证分析了融资约束和经济政策不确定性对企业全要素生产率的影响。实证分析结果显示,经济政策不确定性和企业融资约束总体上对企业全要素生产率产生了显著的负向效应,国有企业和大型企业对经济政策不确定性所产生的负面效应不敏感,通过缓解企业外部融资约束和提升企业内部现金流水平有助于民营、小型企业减轻政策不确定性带来的负面影响,但经济政策不确定性会通过加大企业融资约束而进一步影响企业全要素生产率。     

地域商会有助于缓解企业融资约束吗?——来自A股民营上市企业的证据

破解民营企业的融资困境是事关新时代我国民营经济高质量发展的重要课题。本文以2008-2017年民营上市企业为研究样本,基于民营企业加入地域商会的研究视角,深入考察这一由政府部门核准成立的社会组织能否以及如何帮助企业缓解融资约束。结果发现,加入地域商会后,民营企业的融资约束程度得到了有效缓解。机制检验显示,地域商会有助于扩展会员企业融资所需的社会网络以及提高企业融资时的议价能力;从具体的融资渠道来看,地域商会的作用主要体现为帮助会员企业获得更多的信贷支持和商业信用。进一步地,对于市场议价能力较弱的小规模企业,面临经营困境的企业,以及所在地区的信用环境遭受冲击的企业,或位于市场化程度较低地区的企业而言,加入地域商会的积极影响更为明显。     

SME Financing in Emerging Markets: Firm Characteristics,Banking Structure and Institutions

Using the World Bank Enterprise Survey indicator database, we investigate (1) how firm characteristics affect financing of small and medium-size enterprises (SMEs) in emerging markets; (2) how cross-country differences in the banking sector affect SME financing; and (3) how financing of SMEs is influenced by economic development and institutions. Our findings confirm that younger and smaller firms in nonmanufacturing sectors consistently face severe financing obstacles/constraints and rely heavily on internal financing. Moreover, the availability of credit information and the bank concentration ratio, as well as economic development and the institutional environment, can significantly affect SME financing, and access to external financing in particular.     

普惠金融与创业:“授人以鱼”还是“授人以渔”？

在“大众创业,万众创新”战略推进的关键时期,本文考察了普惠金融对创业的影响和作用。基于中国家庭金融调查数据的实证研究发现,普惠金融的发展对创业具备显著的增进效应。考虑多种模型设定、不同自变量和因变量度量方式以及内生性问题讨论的稳健性检验均不改变本文的主要结论。在此基础上,本文对普惠金融影响创业的作用机制进行了检验。结果发现,普惠金融并没有通过缓解家庭资金约束来促进创业,普惠金融对创业的增进作用主要来源于对居民金融能力的提升。随后,本文实证检验了金融教育对普惠金融影响创业的调节作用。结果发现,随着金融教育的普及,普惠金融发展对创业的促进作用将加强。区分普惠金融不同维度可以发现,金融教育对普惠金融影响创业的调节作用,是通过提高金融服务使用度对创业的增进效应实现的。本文的研究表明,相较于传统金融发展,实现金融广化更有助于居民创业精神的激发。