外文翻譯---特許經(jīng)營和獨(dú)立的小型企業(yè)成活率的比較-文庫吧在線文庫
【正文】 lationship to firm survival prospects. Separate analyses of minorityowned franchise and independent small business subsamples reveal that survival patterns among minorityowned firms closely resemble those present in the overall small business universe: franchise operations are more likely to go out of business than independent firm startups. The prehensive crosssection and time series data on young small businesses analyzed in this study are drawn from a large nationwide small business data base the Characteristics of Business Owners (CBO) data base that was piled by the . Bureau of the Census in 1992. One limitation of the CBO data base is its exclusion of firm’s fitting tax returns as regular corporations: the CBO includes only proprietorships, partnerships, and Scorporation tillers B. Measuring survival patterns among young small businesses: Database considerations Most evidence on franchise survival rates is forthing from journalistic sources. A recent ad in business week, for example, claimed that a franchisee has a four times greater chance to succeed than an entrepreneur who launches a new independent business. Factual underpinnings for this claim were not apparent. At the other end of the journalistic spectrum, the February 1994 issue of magazine claims that percent of Decorating Den39。 these differences are statistically significant at conventional levels. Aspiring entrepreneurs choosing to bee franchisees certainly expect to improve their odds of survival over the early turbulent years of business startup. Beyond low risk of failure, what specifically does the potential owner seek to gain by purchasing a franchise rather than operating an independent business? Rubin (1978) lists hypothesized advantages accruing to franchisees. First the trademark and the product sold appear to be valuable, which facilitates access to customers for the young franchisee. Second, the franchisor often makes capital available to the franchisee, either by extending credit directly or cosigning for a bank loan. Third, franchisees lacking appropriate human capital can receive managerial advice and assistance from franchisors. Table one summary statistics provide evidence that is consistent with these hypothesized advantages of the franchise relationship. Franchisees are generating greater sales per unit of capital and labor input than independent firms: Regarding access to debt capital, percent of the table one franchise firms report that they used borrowed capital to help finance business entry, versus percent of the independent firms. Yet, the franchise operations are only moderately more leveraged than the independents, on average: debt accounted for percent of firm capitalization at startup for franchisees, versus percent for the independent firms. The above figures on sales per employee and per dollar of invested capital are possibly capturing industry effects rather than franchise vs. independent firm differences. Franchisees are heavily overrepresented in retailing and finance, insurance, and real estate (FIRE), and they are underrepresented in other service industries. Among all 20,554 of the small firms described in table one, weighted statistics on industry distribution indicate that in the young firm universe franchises and independent firms pooled together retailing, FIRE, and other services account for percent, percent, and percent of all small firms (by number). Examining the same data industry by industry, franchises make up percent of all retailers, percent of the firms in FIRE, percent of all small businesses, but only percent of the firms operating in other services. Looking solely at franchise firms in ret
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