外文翻译---特许经营和独立的小型企业成活率的比较(编辑修改稿)

外文翻译---特许经营和独立的小型企业成活率的比较(编辑修改稿)内容摘要：

larger scale, older small businesses have higher survival rates over time than smaller, younger firms (Evans, 1987。 Bates and Gucci, 1989). Among very young firms, owner traits associated with greater likelihood of survival include owners working fulltime in the firm, highly educated owners, and large owner financial capital investment in the firm at startup (Bates, 1990a). Table one indicates that franchisees are generally better endowed with traits linked to survival than no franchise young firms. In terms of mean 1987 sales revenues, the young franchisees report $513,961, over five times larger than the corresponding figure of $102,410 reported by the independent businesses (table one). Capitalization at startup is similarly much greater mean value $86,493 for the franchise firms, almost three times greater than the no franchise firm capitalization of $29,822. Only in the area of owner educational background do the franchise firms appear to be weaker than the independents: percent of the former and percent of the latter had pursued graduate studies beyond the bachelor39。 s degree. All of the above group mean differences are statistically significant Yet, despite the obvious strengths of the young franchise firms summarized in table one, they are dramatically less profitable than independent firms of the same age, and they exhibit a lower survival rate per cent (versus percent for no franchise firms) over the 19871ate 1991 time period。 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。