舒佩特遇见金发女:企业毁灭的伤痕效应
Beatriz González1, Enrique Moral-Benito1, Isabel Soler2
1Banco de España, Madrid, Spain.
概括
公司退出以反转的U形影响总因子生产率 (TFP) 的增长. 适度的公司退出通过舒彼得式的清洗来促进TFP,但过度的退出通过破坏网络和信贷来损害生产力.
科学领域:
- 经济学 经济学 经济学
- 计量经济学 计量经济学
- 公司动力学
背景情况:
- 公司退出和总生产率之间的关系是复杂的,并未完全理解.
- 以前的模型通常假定线性效应,未能捕捉在现实数据中观察到的非线性动态.
研究的目的:
- 调查企业退出率与总因素生产率 (TFP) 增长之间的非线性关系.
- 开发和校准一个理论模型,解释观察到的反转U形关系.
- 分析不同退出冲击严重程度对TFP增长和经济复苏的影响.
主要方法:
- 对西班牙企业级数据的实证分析,以确定反转的U形关系.
- 开发一个包含退出溢出效应的公司动态模型,以实证发现进行校准.
- 使用校准模型对反事实场景进行模拟,以评估不同的冲击严重程度.
主要成果:
- 证实了公司退出和TFP增长之间的反转U形关系:适度的退出增强了TFP,而非常高的退出率减少了它.
- 校准模型合理化了这种非线性,突出了高退出率的放大效应和干扰 (例如,生产网络,信贷供应).
- 轻微的退出冲击 (GFC级) 会对TFP增长产生积极影响,加速复苏.
- 严重的退出冲击 (高于GFC水平) 会对TFP增长产生负面影响,因为高效率企业被淘汰,减缓复苏.
结论:
- 坚定的退出并不总是有利的;它对TFP增长的影响取决于退出率.
- 政策干预可能需要考虑公司退出冲击的严重程度,以减轻对生产力的负面影响.
- 了解公司退出溢出效应对于预测和管理总体经济表现至关重要.
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