The recent financial crisis, start‐up financing and survival
利用2006-2009年比利时新企业注册数据，研究发现金融危机期间创立的初创企业使用更少银行债务且破产概率更高，即使控制信用状况后依然成立，且对银行债务依赖更强的初创企业受影响更大。
Abstract We investigate the effects of the recent financial crisis on start‐up financing and survival using a dataset that covers all Belgian new business registrations between 2006 and 2009. We find that bank debt is the single most important source of funding, even for start‐ups founded during the crisis. However, start‐ups founded in crisis years use less bank debt and have a higher likelihood of bankruptcy, even after controlling for their creditworthiness. These effects are stronger for start‐ups that are more dependent on bank debt, such as start‐ups founded in bank dependent industries and start‐ups founded by entrepreneurs who are more likely to be financially constrained.