Does Charter Competition Foster Entrepreneurship? A Difference‐in‐Difference Approach to European Company Law Reforms
研究欧洲多国降低或取消最低资本要求的公司法改革如何影响企业家选择注册有限责任公司，发现改革显著提升了国内法律形式的受欢迎程度并促进了创业。
Abstract This article explores how company law reforms, particularly the reduction or abolition of minimum capital requirements, in various E uropean jurisdictions affect the decision of entrepreneurs to incorporate by means of a private limited liability company ( LLC ). Since the landmark rulings of the E uropean C ourt of Justice ( ECJ ) in the years 1999, 2002 and 2003, entrepreneurs in the E uropean U nion ( EU ) have been able to choose the country of incorporation independently of their real seat. As a result, the proliferation of the U nited K ingdom private company limited by shares has posed a competitive threat to many E uropean legislators. The article analyzes whether the reforms adopted in S pain, F rance, H ungary, G ermany and P oland have promoted the popularity of domestic legal forms and encouraged entrepreneurship more generally. Using a difference‐in‐difference approach, a strong impact is recorded in both respects, especially if the minimum capital requirement was reduced or abolished.