2015年-世界发展银行全球_Drivers_of_Entrepreneurship_and_Post-entry_Performance_of_Newborn_Firms_in_Developing_Countries_29页_302kb

Summary of "Drivers of Entrepreneurship and Post-entry Performance of Newborn Firms in Developing Countries"

Core Content

This paper explores the drivers of entrepreneurship and the post-entry performance of newborn firms in developing countries (DCs). It emphasizes the importance of understanding the heterogeneous impact of entrepreneurship on economic development and highlights the role of institutional, macroeconomic, and microeconomic factors in shaping the success of new firms in DCs.

Main Views

1. Entrepreneurship and Economic Development

• Entrepreneurship is a key driver of innovation and economic development, as highlighted by Schumpeter (1934).
• The relationship between new firm creation and economic performance is not uniform across countries, showing a U-shaped curve in development levels.
• In DCs, entrepreneurship is often driven by necessity rather than opportunity, with many entrepreneurs entering the market due to survival needs.

2. Institutional and Macroeconomic Constraints

• Institutional factors such as regulatory inefficiencies, labor market rigidities, taxation issues, and corruption significantly hinder the growth of new firms in DCs.
• Financial markets in DCs are generally underdeveloped, leading to credit and equity rationing for new businesses.
• Bribery is a widespread issue that negatively impacts firm growth, often exacerbating credit constraints.

3. Infrastructure Deficits

• A lack of adequate infrastructure (roads, utilities, ICT) is a major obstacle for small and new firms in DCs, limiting their ability to expand and compete effectively.

4. Microeconomic Determinants of Entry

• Profit expectations, technological opportunities, and economic growth are traditional drivers of new firm creation.
• Personal and environmental factors also influence entry, including previous job experience, family background, and psychological traits such as autonomy and independence.
• Sectoral and locational inertia is a common phenomenon, with many entrepreneurs starting in the same industry and region as their previous employment.

5. Entrepreneurial Learning

• Entrepreneurial learning plays a critical role in post-entry performance, as experienced founders are more likely to survive and grow.
• Spinoffs and serial entrepreneurs benefit from prior experience and knowledge, increasing their chances of success.
• Social networks built through prior work experience can enhance post-entry performance.

6. Financial Constraints

• Credit constraints are a major barrier to new firm entry and growth in DCs, often due to lack of collateral, information asymmetries, and underdeveloped capital markets.
• Entrepreneurial saving plans may help overcome borrowing constraints.
• Microfinance is seen as a potential solution to reduce transaction and information costs in financing small firms.

Key Information

• Survival Rates: Over 50% of new firms exit the market within the first five years.
• Entry and Exit Correlation: High turbulence is observed in DCs, with entry and exit rates positively correlated.
• Size and Age: Larger start-up sizes are associated with higher survival rates, while smaller firms need to grow rapidly to survive.
• Gibrat's Law: Firms with smaller initial sizes tend to grow faster, contradicting Gibrat's Law of proportionate growth.
• Institutional Support: Tailored subsidies and support for entrepreneurs with high education, experience, and innovation skills are recommended, along with framework and infrastructural policies to improve the business environment.
• Human Development: Entrepreneurship in DCs may contribute to reducing inequalities and improving human well-being, even if it does not significantly boost GDP.
• Policy Implications: Policymakers should focus on improving institutional frameworks, financial systems, and infrastructure to foster sustainable entrepreneurship and firm growth in DCs.

Conclusion

The paper concludes that while entrepreneurship is a vital force for economic development, its impact in DCs is more complex due to institutional and macroeconomic constraints. It advocates for targeted support for entrepreneurs and policy reforms aimed at improving the business environment and access to finance. The distinction between opportunity-driven and necessity-driven entrepreneurship is crucial, as the latter often leads to informal and transient activities that may not contribute significantly to long-term economic growth.