| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17131 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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