美联储-美国高增长企业：主要趋势和新数据机遇（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)High-Growth Firms in the United States: Key Trends and NewData OpportunitiesJ. Daniel Kim, Joonkyu Choi, Nathan Goldschlag, John Haltiwanger2024-074Please cite this paper as:Kim, J. Daniel, Joonkyu Choi, Nathan Goldschlag, and John Haltiwanger (2024). “High-Growth Firms in the United States: Key Trends and New Data Opportunities,” Financeand Economics Discussion Series 2024-074. Washington: Board of Governors of the FederalReserve System, https://doi.org/10.17016/FEDS.2024.074.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.High-Growth Firms in the United States:Key Trends and New Data Opportunities*J. Daniel Kim†Joonkyu Choi‡Nathan Goldschlag§John Haltiwanger¶September 10, 2024AbstractUsing administrative data from the U.S. Census Bureau, we introduce a new public-use database that tracks activities across firm growth distributions over time. Withthese new data, we uncover several key trends for high-growth firms—critical en-gines of innovation and economic growth. First, the share of firms that are high-growth has steadily decreased over the past four decades, driven not only by fallingrates of entrepreneurship but also languishing growth among existing firms. Sec-ond, this decline is particularly pronounced among young and small firms, whilethe share of high-growth firms has been relatively stable among large and old firms.We also find rich variation across states and sectors. To facilitate future research, wehighlight how these data can be used to address various research questions.JEL Codes: L11, L25, L26, O30, O40Keywords:Organizational Growth, Entrepreneurship, High-Growth Firms, Busi-ness Dynamism, Publicly Available Dataset*Any opinions and conclusions expressed herein are those of the author and do not represent the viewsof the U.S. Census Bureau, the Federal Reserve Board of Governors or its staff. The Census Bureau hasensured appropriate access and use of confidential data and has reviewed these results for disclosureavoidance protection.DRB Approval Number(s): CBDRB-FY24-0168.DMS Project Number 7083300.We thank Sean Wang, Cheryl Grim, and participants at the U.S. Census Bureau Center for EconomicStudies seminar, and participants at the CRIW NBER Summer Institute session for helpful comments andsuggestions.†The Wharton School, University of Pennsylvania‡Federal Reserve Board of Governors§U.S. Census Bureau¶University of Maryland1IntroductionSince Penrose’s (19