Human capital effects on fundraising for necessity- and opportunity-based entrepreneurs
基于日本3974家新创企业调查，发现生存型创业者比机会型创业者更易遭遇融资困难，行业经验有助于缓解两类创业者的融资问题。
Abstract This paper examines the effects of human capital on fundraising problems for necessity- and opportunity-based entrepreneurs by using a survey of 3974 new firms in Japan. The major findings of this paper are as follows. First, necessity-based entrepreneurs are more likely to have fundraising problems than opportunity-based entrepreneurs. Second, industry-specific experience contributes to solving fundraising problems for both necessity- and opportunity-based entrepreneurs. Third, necessity-based entrepreneurs with industry-specific experience are less likely to have fundraising problems than opportunity-based entrepreneurs without such experience.