New Firm Survival: The Effects of Start‐up Characteristics
实证研究初创企业第一年的运营、财务和投资决策如何影响后续生存，发现现金流指标比传统财务比率更能预测失败，且行业效应不显著。
This paper empirically examines the influence of operating activities and financial and investment decisions in the start‐up year on post‐entry survival, taking industry effects into account. Compared to traditional financial ratios, we find that funds flow measures are superior in identifying those start‐up characteristics that are related to subsequent failure. In the first year, failed firms typically generate less cash flows, incur higher labour expenses, use more trade credit and financial debt, limit inventories and are cash constrained. Surprisingly, industry effects do not have a significant impact. From these results, we draw conclusions for public policy.