Access to finance is a perennial problem for business start-ups. This article advances the extant literature on the determinants of entrepreneurial finance by presenting a comprehensive analysis of the amount needed to start a business, the amount of self-investment and the number of external sources of financing utilized. Based on information from the Global Entrepreneurship Monitor 2015, the empirical analysis shows that the availability of external sources of financing depend primarily on demographics, entrepreneurial experience, business features, e.g., export propensity and growth potential; and, on the phase of economic development. Furthermore, relatively high levels of social trust may increase the likelihood of obtaining external financing. The novelty of the product/service offered, financial barriers and investor/property rights protection in turn may also explain the proportion of self-investment provided to a new business. An analysis of financing options of socially-oriented businesses shows that they are more successful in obtaining financial support from private investors/venture capitalists and governments.

对于初创企业而言，融资渠道是一个长期存在的问题。本文通过对创业所需的金额，自我投资的金额以及所利用的外部融资来源的数量进行全面的分析，提出了有关企业家融资的决定因素的现有文献。根据《 2015年全球创业监测》的信息，实证分析表明，外部融资来源的可利用性主要取决于人口统计，企业家经验，业务特征，例如出口倾向和增长潜力；在经济发展阶段。此外，相对较高的社会信任度可能会增加获得外部融资的可能性。提供的产品/服务的新颖性，金融壁垒和投资者/财产权利的保护也可能解释了提供给新业务的自我投资的比例。对以社会为导向的企业的融资选择的分析表明，它们在获得私人投资者/风险资本家和政府的财政支持方面更为成功。