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首页> 美国政府科技报告 >Access to Capital among Young Firms, Minority-owned Firms, Women-owned Firms, and High-tech Firms.
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Access to Capital among Young Firms, Minority-owned Firms, Women-owned Firms, and High-tech Firms.

机译：年轻企业，少数民族企业，妇女拥有的企业和高科技企业获得资本。

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摘要

This report examines access to capital by young and small businesses. The purpose of the investigation is to gain a better understanding of access to capital by young firms and how the recent economic and financial crisis has affected their access to financial capital, especially among firms owned by women and minorities and firms that are high tech in nature. In light of the key role in small business finance played by financial institutions, this study pays disproportionate attention to access to bank loans. Although these issues are important, research has traditionally been limited by a lack of appropriate data. A primary obstacle has been the absence of representative samples of small businesses that contain detailed descriptions of their access to financing. The primary source of data on this question, the Federal Reserve Survey of Small Business Finances, was discontinued in 2003, and is thus unavailable for studying the effects of the financial crisis on small businesses. A second obstacle has been the tendency of researchers to analyze data on cross sections of small businesses of varying ages and sizes at a single point in time. While the findings from these snapshots have been valuable to scholars and policymakers, they have also been limited. Because they are static, these snapshots do not capture the ways in which small business financing unfolds over the life cycle of the firm and changes over time. This study attempts to overcome these obstacles by examining the effects of the changing financial environment generally and the economic crisis specifically, on access to capital by small businesses over the 2004 through 2010 period, controlling for business and owner characteristics. Analyses of small-firm capital access are based upon firm subsets drawn from the Kauffman Firm Survey. Key findings of this study include the fact that firms owned by African Americans and Latinos utilize a different mix of equity and debt capital, relative to firms owned by nonminorities. Relying disproportionately upon owner equity investments and employing relatively less debt from outside sources (primarily banks), the average firm in these minority business subgroups operates with substantially less capital overall--both at startup and in subsequent years--relative to their nonminority counterparts.

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