流动性约束、现金横财与企业家精神：来自彩票中奖者管理数据的证据
Liquidity Constraints, Cash Windfalls, and Entrepreneurship: Evidence from Administrative Data on Lottery Winners
摘要：
本文利用台湾彩券中奖者的行政数据，检验了现金横财对创业的影响。我们比较了在特定年份中彩票中奖超过150万新台币（5万美元）的家庭与中奖低于15，000新台币（500美元）的家庭的创业决定。我们的研究结果表明，一笔可观的意外之财会使创业的可能性增加1.5个百分点（比基线平均值高出125%）。创业财富弹性为0.25 ~ 0.36。此外，流动性往往受到限制的家庭推动了意外之财引发的创业反应。最后，我们研究了拥有企业的家庭对现金意外之财的反应，发现连续创业者更有可能开始新的业务，但不会改变他们继续现有业务的决定。
英文摘要：
Using administrative data on Taiwanese lottery winners, this paper examines the effects of cash windfalls on entrepreneurship. We compare the start-up decisions of households winning more than 1.5 million NTD (50,000 USD) in the lottery in a particular year with those of households winning less than 15,000 NTD (500 USD). Our results suggest that a substantial windfall increases the likelihood of starting a business by 1.5 percentage points (125% from the baseline mean). Startup wealth elasticity is 0.25 to 0.36. Moreover, households who tend to be liquidity-constrained drive the windfall-induced entrepreneurial response. Finally, we examine how households with a business react to a cash windfall and find that serial entrepreneurs are more likely to start a new business but do not change their decision to continue the current business.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
