Abstract: This paper differentiates the two stages of COVID-19 pandemic in 2020, uses big data on firms’ registration from a big data platform, and empirically examines the loss and resilience of entrepreneurship in China under COVID-19 pandemic. The results show that: (1) the entrepreneurial activities decreased significantly in the COVID-19 emergency phase, which is 28.59% lower than that in the same period of 2019, cities with more COVID-19 cases and longer emergency response suffer the greater the decline of entrepreneurial activities. (2) the entrepreneurial activities in the COVID normal phase rose and rebounded significantly, with an increase of 25.62% in the second quarter compared with the same period of 2019. Cities with more increase of firms’ exit rate and higher decline of entrepreneurial activities in the COVID-19 emergency phase also have more increase of entrepreneurial activities. (3) Overall, COVID-19 did not cause a significant decrease in entrepreneurial activities in 2020, but there are significant differences in entrepreneurial activities in different regions. This paper not only enriches the comprehensive understanding of the economic impact of COVID-19 pandemic, but also identifies the important source of China's economic resilience under the impact of the epidemic.

摘要： 本文区分新冠疫情冲击的应急阶段和常态化阶段，依托全国企业工商注册大数据，实证评估了疫情应急阶段下中国创业活跃度的损失程度，以及常态化阶段的韧性和恢复力。研究发现：（1）新冠疫情应急阶段中国创业活跃度显著下降，比2019年同期降低了28.59%，并且新冠疫情越严重，创业活跃度下降越大；（2）疫情常态化阶段中国创业活跃度显著反弹，如第二季度比2019年同期增加了25.62%；在应急阶段创业损失和企业退出增加越多，常态化阶段创业活跃度反弹越大；（3）整体上，新冠疫情并没有使得2020年中国创业活跃度下降，但新冠疫情对不同行业创业的影响存在明显差异。本文不仅从新创企业的角度丰富了对新冠疫情经济冲击的全面认识，而且明确了疫情冲击下中国经济韧性的重要来源。