The Journal of Finance · 2026 · JOSEPH ENGELBERG、JORGE GUZMAN、Runjing Lu、William Mullins
中文摘要
共和党人创办的企业多于民主党人。在2005年至2017年间包含4000万名有明确党派身份的美国人的样本中,我们发现5.5%的共和党人和3.7%的民主党人成为企业家。这一党派创业差距随时间变化——在共和党执政期间,共和党人的相对创业活动上升,而在民主党执政期间则下降,在我们13年的样本期内相当于17万家新企业在党派之间发生再分配。我们发现,党派创业在奥巴马总统和特朗普总统当选前后出现急剧变化,且效应在政治上最活跃的党派人士中最为强烈:即那些捐款并投票的人。
Abstract
Republicans start more firms than Democrats. In a sample of 40 million party‐identified Americans between 2005 and 2017, we find that 5.5% of Republicans and 3.7% of Democrats become entrepreneurs. This partisan entrepreneurship gap is time‐varying—Republicans increase their relative entrepreneurship during Republican administrations and decrease it during Democratic administrations, amounting to a partisan reallocation of 170,000 new firms over our 13‐year sample. We find sharp changes in partisan entrepreneurship around the elections of President Obama and President Trump, with the strongest effects among the most politically active partisans: those that donate and vote.