Schooling, Capital Constraints, and Entrepreneurial Performance
估计了创业时的教育和资本约束对荷兰创业者绩效的影响，发现放松资本约束1个百分点使收入平均增加3.9%，教育通过直接和间接渠道提升绩效，直接回报率为13.7%，且每多一年教育可降低资本约束1.18个百分点。
We estimate the impact of schooling and capital constraints at the time of startup on the performance of Dutch entrepreneurial ventures, taking into account the potential endogeneity and interdependence of these variables. Instrumental variable estimates indicate that a 1 percentage point relaxation of capital constraints increases entrepreneurs' gross business incomes by 3.9% on average. Education enhances entrepreneurs' performance both directly—with a rate of return of 13.7%—and indirectly, because each extra year of schooling decreases capital constraints by 1.18 percentage points. The indirect effect of education on entrepreneurs' performance is estimated to be 3.0-4.6%.