Sticking it Out: Entrepreneurial Survival and Liquidity Constraints
研究流动性约束是否增加创业失败的可能性，通过分析获得大额遗产的个体经营者，发现流动性约束显著影响企业生存。
The authors examine survival rates of entrepreneurial enterprises and their growth, conditional on surviving. Their focus is on whether liquidity constraints increase the likelihood of entrepreneurial failure. The empirical strategy is based on the following logic: If entrepreneurs cannot borrow to attain their profit-maximizing levels of capital, then entrepreneurs with substantial personal financial resources will be more successful than those without. The authors examine the behavior of a group of sole proprietors who received substantial inheritances. The results are consistent with the notion that liquidity constraints exert a noticeable influence on the viability of entrepreneurial enterprises. Copyright 1994 by University of Chicago Press.