Liquidity constraints in the first year of trading and firm performance
基于英格兰三个地区的企业调查，研究第一年交易中的流动性约束对企业生存概率和增长的影响，发现流动性约束影响生存但不影响增长。
This article uses a survey of new businesses for three regions of England – Buckinghamshire, Shropshire and Tees Valley – and focuses on the effect of liquidity constraints experienced within the first year of trading on firm growth (measured using employment) and ‘partial survival’ (the probability of remaining in activity). We control for a range of firm characteristics, management traits and strategy variables. The empirical framework adopted allows for sample censoring arising from firm exit. Fewer firms in the less wealthy area reported liquidity constraints. Our results suggest that the experience of the first year is critical to the survival and subsequent resilience of the firm but has no effect on growth.