What really happens to small and medium-sized enterprises in a global economic recession? UK evidence on sales and job dynamics
利用英国数据，研究发现四成中小企业在衰退中就业下降，五成销售额下降，但衰退后12个月内四分之三的企业家希望增长，且衰退期增长高度集中于人力资本最高的企业家。
This article uses UK data to consider how small and medium-sized enterprises (SMEs) 1 coped during the recent financial crisis. This is important, as SMEs are major contributors to job creation, but are vulnerable to falling demand. It finds that 4 in 10 SMEs experienced a fall in employment during the recession, and 5 in 10 experienced a fall in sales. Within 12 months of the recession, three-quarters of entrepreneurs had a desire to grow. This suggests that while the immediate effects of recession are severe, entrepreneurs recover quite quickly. Importantly, the analysis found that recessionary growth is hugely concentrated among entrepreneurs with the highest human capital.