On the Evolution of the Firm Size Distribution: Facts and Theory
基于葡萄牙制造业企业数据，发现企业规模分布右偏且随时间趋近对数正态分布，提出融资约束理论解释其演变，校准模型拟合良好。
Using a comprehensive data set of Portuguese manufacturing firms, we show that the firm size distribution is significantly right-skewed, evolving over time toward a lognormal distribution. We also show that selection accounts for very little of this evolution. Instead, we propose a simple theory based on financing constraints. A calibrated version of our model does a good job at explaining the evolution of the firm size distribution.