Financial Statement and Projection Preparation in Start-Up Ventures
基于创业初期的企业家样本，研究发现外部融资、竞争程度和企业规模正向影响财务报表编制频率，但降低竞争和基础不确定性的收益更能解释编制意愿差异；不同报表的编制决定因素不同，而预测编制则与无形资产投资和高科技行业正相关。
ABSTRACT: Using a representative sample of entrepreneurs who are in the process of starting a business, this study investigates the determinants of the preparation of financial statements and projections in start-up ventures. Consistent with predictions from information economics and contracting, I find that the use of outside funding, level of competition, and venture scale are positively associated with the intended frequency of financial statement preparation. However, comparing the economic significance of alternative influences suggests that the benefit of reducing competitive and fundamental uncertainty is more influential in explaining variations in intentions to prepare financial statements. Further, I find the determinants of preparation frequency vary among different financial statements; for instance, cash statements are more important for start-ups with products in earlier stages of development and with greater competition. In contrast to financial statements, the preparation of projections such as formal financial projections and regular sales forecasts by start-ups is positively associated with the importance of intangible investments such as patents, research and development, and with start-ups in high-tech industries.