Firm Age, Investment Opportunities, and Job Creation
研究发现新企业是就业创造的主要来源，尤其是面对本地投资机会时，新企业贡献了大部分净就业增长，而现有企业则表现出显著的就业创造与破坏并存。
ABSTRACT New firms are an important source of job creation, but the underlying economic mechanisms for why this is so are not well understood. Using an identification strategy that links shocks to local income to job creation in the nontradable sector, we ask whether job creation arises more through new firm creation or through the expansion of existing firms. We find that new firms account for the bulk of net employment creation in response to local investment opportunities. We also find significant gross job creation and destruction by existing firms, suggesting that positive local shocks accelerate churn.