Entry Deregulation, Market Turnover, and Efficiency: China's Business Registration Reform
研究2012-2014年广东商事登记改革试点，发现改革使制造业企业进入增加25%、退出增加8.7%，新进入者生产率提高1.1%，源于融资约束缓解和竞争加剧。
Abstract Although entry regulations are ubiquitous across countries, comprehensive evaluations on how such regulations affect firm dynamics and productivity are lacking. We examine a 2012-2014 pilot program in Guangdong (which later became a national policy) that was designed to reduce firm registration costs and encourage entrepreneurial activities. Using administrative data on firms' business registrations and annual reports, our analysis shows that the reform increased firm entry by 25% and firm exit by 8.7% in the manufacturing sector. The productivity of post-reform entrants was 1.1% higher than the productivity of pre-reform entrants, likely due to relaxed financial constraints and more intense competition.