Business dynamism and financial constraints
研究发现商业活力下降导致企业年龄上升，从而降低了面临金融约束的企业比例，对理解经济动态和融资环境变化有参考价值。
Abstract Declining business dynamism has been observed across many advanced economies; however, its consequences have been less well studied. In this paper, we propose that declining business dynamism has led to a decrease in the financial constraints faced by firms. We use well established methods to identify financial constraints and then develop a new approach to measure the fraction of financially constrained firms. We find that the fraction has fallen over time and this is driven by rising firm age. Had business dynamism not declined, firms would be younger and more financially constrained.