Debt financing, survival, and growth of start-up firms

被引：73

作者：

Cole, Rebel A. ^{[1
]}

Sokolyk, Tatyana ^{[2
]}

机构：

[1] Florida Atlantic Univ, Dept Finance, Boca Raton, FL 33431 USA

[2] Brock Univ, Dept Finance Operat & Informat Syst, St Catharines, ON, Canada

来源：

JOURNAL OF CORPORATE FINANCE | 2018年 / 50卷

关键词：

Business debt; Capital structure; Debt; Entrepreneurial finance; Growth; Lenders' selection and monitoring; Kauffman; KFS; Personal debt; Start-up; Survival; Trade credit; TRADE CREDIT; CAPITAL STRUCTURE; INTERMEDIATION; ACCESS; ENTREPRENEURSHIP; AVAILABILITY; INFORMATION; BANKRUPTCY; MARKETS; CHOICE;

D O I：

10.1016/j.jcorpfin.2017.10.013

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：609 / 625

页数：17

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