Entrepreneur Human Capital Inputs and Small Business Longevity
基于1976-1982年间美国自雇男性的全国随机样本，研究发现高学历创业者更可能创建存续至1986年的企业，且教育背景显著影响初创企业的金融资本结构；初始投资大的企业存活率更高，但债务融资与失败风险无关。
Small business longevity is investigated utilizing a nationwide random sample of males who entered self-employment between 1976 and 1982. Highly educated entrepreneurs are most likely to create firms that remained in operation through 1986. Owner educational background, further, is a major determinant of the financial capital structure of small business startups. Financial capital endogeneity notwithstanding, firms with the larger financial investments at startup are consistently overrepresented in the survivor column. Firm leverage, finally, is trivial for delineating active from discontinued businesses. Reliance upon debt capital to finance business startup is clearly not associated with heightened risk of failure. Copyright 1990 by MIT Press.