Does financial development really spur nascent entrepreneurship in Europe? — A panel data analysis
利用2009-2017年22个欧洲经济体的面板数据，发现金融深化与初创企业家精神呈U型关系，且银行中介和风险投资在宏观层面并未真正鼓励新企业，而金融稳定性则有促进作用。
After the global crisis, European governments have stressed the importance of financing new ventures. Nevertheless, the existing literature provides little information on the extent to which financial development drives new businesses. Using panel data on 22 European economies between 2009 and 2017, this study fills this gap by providing evidence of a U-shaped relationship between financial deepening and nascent entrepreneurship. This implies that without a high level of financial deepening, the banking sector only favors established businesses at the expense of nascent entrepreneurship. The study also shows that banking intermediation and venture capital do not really encourage new businesses at the macro level, whereas financial stability does.