The official website of the French International Outlook and Information Research Center recently published the latest research report on the 2008-2009 financial crisis，Analysis of the impact of the financial crisis on the creation of enterprises and economic and social development。

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Reporter，After the financial crisis,，The economy of many European and American countries first fell sharply，Then fall into long -term stagnation，seriously affects the creation of new enterprises。Financing has an important impact on periodic changes in the creation of enterprises。Once the financial crisis occurs，Rising credit costs and weak economic activities will promote those who originally want to start a business or set up an enterprise to give up the project，Then lead to continuous decrease in employment positions and decline in productivity。

Reporter，French new companies usually include three categories: wholly -owned micro -enterprises、Personal wholly -owned non -micro bet365 Play online games enterprises and other forms of enterprises。After the financial crisis in 2008，The number of new companies decreases significantly。2000-1007，The average growth rate of the number of new companies in France is 9%，and 2008-2017 this ratio is only 2%。Similar situations have also appeared in other countries。According to the World Bank's investigation of the entrepreneurial situation of 95 countries，2008-2009，The number of enterprises in only 20%of countries increased，Between 2006-2007，This ratio is 74%。

At the same time，The country with a relatively developed financial system is most vulnerable to the financial crisis，These countries have the most affected in terms of the number of enterprises' creation，Therefore，It can be said that the number of new enterprises in a country is closely related to the country's affected degree of the financial crisis。

　Financing difficulty will suppress investment

Fabien Tripier, a professor of economics at the University of Paris, in Paris, told this reporter，Empirical Research Digesty，Although there are differences in the scope and frequency of the financial cycle and the economic cycle，But the interaction between them is very important。Especially when the pimples of the financial cycle and the economic cycle Bet365 lotto review of the valley are superimposed，often trigger or exacerbates economic recession。Therefore，Logically speaking，Changes in the financial cycle will also affect the creation of new enterprises。

How to get financing is one of the problems facing entrepreneurs。Terrypier thinks，When analyzing the impact of the financial crisis on the establishment of the company，You need to set a theoretical framework containing factors in this regard。Loan (usually referring to banks) and information asymmetry between the lender often affect the external financing of the company。When the company can repay the loan，This information asymmetry may be ignored。But if the company cannot repay the loan，In order to recover all or part of the loan，The bank has to evaluate、The asset of the transfer enterprise，This greatly increases bank costs。At the same time，When the assets of the transfer enterprise，The actual transaction price may be lower than the market price，Especially when the company is unable to repay the loan。Therefore，Any crisis that may increase the risk of breach of contract will lead to an increase in risk premium required by the lenders。From the macroeconomic level，This will increase the cost of corporate lending，Inhibit investment bet365 live casino games behavior，In the end, the slowdown in production activities。Slowing economic slowdown will lead to an increase in the risk of borrower default，to form a vicious cycle。

Marlane Isoré, a macroeconomics lecturer at the University of Paris, believes，The more risks that the company is expected to face at the beginning of the establishment，The higher the risk premium required by the loan during the crisis，Will exacerbate the vicious cycle。

Fund is very important for creating an enterprise。Generally speaking，A company will neither have a long -term business relationship with banks or other financial institutions at the beginning of its business，No mortgage that can be used to apply for loans or assets with mortgage value。This forced it to seek funds more than the existing companies。People who are interested in starting a business will compare the total cost of entrepreneurship with the expected income of the enterprise。But a company is not only affected by financial and macroeconomic conditions，It will also be affected by the uncertainty of the project itself。Affected by the financial crisis，The risk premium required for the lenders is high，But the business volume of the enterprise may decrease，It may affect the expectations of entrepreneurs' profits of the enterprise，bet365 best casino games So that they give up entrepreneurial。

　Number of starting enterprises declines and is not good for the economy

Terrypier said，Before the financial crisis occurs，The study of the periodic issues created by the enterprise is mainly to better understand the formation of sales prices in the business cycle。Economic performance description during the financial crisis，The decline in the number of enterprises has a wider macroeconomic impact，In particular, it will affect the number and productivity of employment positions。

After the financial crisis,，The economic environment has continued to deteriorate for a long time。In Europe，The second economic recession caused by a sovereign debt crisis，Long -term economic downturn in the economy，As a result, the employment environment worsen。The creation of new enterprises not only has an important impact on employment and productivity，and this impact will be magnified over time。This lag in this time can also explain why the negative impact of the economic crisis and even the economic recession has long -term existence。

At first people may not feel the impact of the decline in the number of newly created enterprises on the economy，Because the new enterprise only accounts for a small part of the total amount of enterprises in various Bet365 lotto review economies。But when the number of enterprises created in the second year cannot rise，The loss of the company that has not been created in the first year plus the number of companies that failed to create the second year，After 4-6 years of enterprise creation slowdown，There is a lack of new generations of new enterprises and new jobs，It will also affect the launch of new products and services，It will inevitably have a long -lasting impact on the relevant economy。

Isole thinks，Considering the impact of enterprises' creation on employment and productivity，It is very important to formulate a policy to encourage entrepreneurs。Although the French government has adjusted relevant policies，Including procedures for simplifying the creation enterprise、Better provides loans to SMEs。But these measures are inadequate，There are certain limitations，You need to take more direct、strong policy measures。