Why So Many Local Entrepreneurs?
发现本地出生的企业家比例远高于本地出生的受雇工人，且这一现象在发达地区和金融发展程度高的地区更明显。本地企业规模更大、资本更密集、融资更多，说明本地人更能利用本地金融机会，这解释了金融发展如何导致创业、技术和收入的持续差异。
Abstract—We document that the fraction of entrepreneurs working in the region where they were born is significantly higher than the corresponding fraction for dependent workers. This is more pronounced in more devel-oped regions and positively related to the degree of local financial development. Firms created by locals are bigger, operate with more capital-intensive technologies, and obtain greater financing per unit of capital invested, than firms created by nonlocals. This suggests that there are so many local entrepreneurs because locals can better exploit the financial opportunities available in the region where they were born. This helps to explain how local financial development causes persistent dis-parities in entrepreneurial activity, technology, and income. I.