G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17131
DP17131 Serial Entrepreneurship in China
Loren Brandt; Ruochen Dai; Gueorgui Kambourov; Kjetil Storesletten; Xiaobo Zhang
发表日期2022-03-23
出版年2022
语种英语
摘要This paper studies entrepreneurship and the creation of new firms in China through the lens of serial entrepreneurs, i.e. entrepreneurs who establish more than one firm, and their differences with non-serial entrepreneurs. Drawing on data on the universe of all firms in China, we document key facts about serial entrepreneurship in China since the early 1990s and develop a theoretical framework to rationalize the role of endowments, ability, and capital market frictions in their behavior. We also examine the key determinants of the sectoral choice for serial entrepreneurs' second firms. Quantitatively, serial entrepreneurs are more productive, raise more capital, and operate larger firms than non-serial entrepreneurs. Moreover, serial entrepreneurs with greater liquidity and whose firms have relatively similar productivity are more likely to operate these firms concurrently rather than sequentially. We also find that less productive serial entrepreneurs are more likely to switch sectors when establishing new firms, with the choice of sector influenced by considerations of risk diversification, upstream and downstream linkages, and sectoral complementarities.
主题Macroeconomics and Growth
关键词Serial entrepreneurship entrepreneurship Capital distortions
URLhttps://cepr.org/publications/dp17131
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/546115
推荐引用方式
GB/T 7714
Loren Brandt,Ruochen Dai,Gueorgui Kambourov,et al. DP17131 Serial Entrepreneurship in China. 2022.
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