Firm Entry and Financial Shocks
通过实证和模型分析，发现企业进入动态是金融冲击传导至实体经济的重要渠道，金融冲击会显著减少新企业创建和股权价值，而企业数量的调整能缓冲冲击对总产出的影响。
This article shows that firm entry dynamics are an important part of the propagation of financial shocks to the real macroeconomy. A VAR documents empirically that adverse financial shocks are associated with significant declines in both new firm creation and equity values. A DSGE business cycle model combining endogenous firm entry and financial frictions, where firms have a choice of financing entry through debt or equity, can explain these facts. The model implies that adjustment in firm numbers can moderate the impact of financial shocks on aggregate output, as it buffers the equity value and financial stance of surviving firms.