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On the Mechanics of Firm Growth

机译：论企业成长的机理

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The Pareto-like tail of the size distribution of firms can arise from random growth of productivity or stochastic accumulation of capital. If the shocks that give rise to firm growth are perfectly correlated within a firm, then the growth rates of small and large firms are equally volatile, contrary to what is found in the data. If firm growth is the result of many independent shocks within a firm, it can take hundreds of years for a few large firms to emerge. This paper describes an economy with both types of shocks that can account for the thick-tailed firm size distribution, high entry and exit rates, and the relatively young age of large firms. The economy is one in which aggregate growth is driven by the creation of new products by both new and incumbent firms. Some new firms have better ideas than others and choose to implement those ideas at a more rapid pace. Eventually, such firms slow down when the quality of their ideas reverts to the mean. As in the data, average growth rates in a cross section of firms will appear to be independent of firm size, for all but the smallest firms.
机译：企业规模分布的帕累托式尾巴可能来自生产率的随机增长或资本的随机积累。如果引起公司增长的冲击与公司内部完全相关，那么大小公司的增长率同样会波动，这与数据中发现的相反。如果公司的成长是公司内部许多独立冲击的结果，那么几家大公司的崛起可能需要数百年的时间。本文描述了一种具有两种冲击类型的经济，这两种冲击都可以解释大型企业规模分布的尾部分布，较高的进出率和较大企业的相对年轻年龄。经济是一种总增长由新公司和老公司创造新产品来驱动的经济。一些新公司拥有比其他公司更好的想法，并选择以更快的速度实施这些想法。最终，当他们的想法的质量恢复到均值时，这些公司就会放慢脚步。如数据中所示，除最小的公司外，所有公司的平均增长率似乎与公司规模无关。

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