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Economic Policy and the Start-Up, Survival, and Growth of EntrepreneurialVentures

机译：经济政策与企业家创业的启动，生存和发展

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We review recent empirical research on two critical aspects of entrepreneurialenterprises: (1) to what extent do the owners of such enterprises face constraints in capital markets, and (2) how do entrepreneurs react to changes in their personal income tax situations. The research documents that: Liquidity constraints are present and have a detrimental effect on the vitality of the entrepreneurial sector. Because of lack of access to capital, entrepreneurial firms are less likely to survive and more likely to be undercapitalized. When marginal tax rates increase, entrepreneurs grow their businesses more slowly, are less likely to purchase capital, and are less likely to hire labor. If they do hire labor, their payrolls are smaller. The findings have implications for the structure of small business policies, in general, and the ongoing debate over making the tax system more friendly to entrepreneurs, in particular. We employ the results to shed light on two strategies, cutting marginal tax rates for all taxpayers (including entrepreneurs) and targeted relief to the owners of small businesses, including preferential treatment of their capital gains. Our research supports the notion that marginal rate reductions will encourage entrepreneurship and are likely to be superior to providing financing directly to enterprises and other targeted approaches.

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