The Not-So-Uniform Effects of Trade Secret Protection on Business Entry
研究发现美国各州采用《统一商业秘密法》后，新企业和新机构的进入率整体下降，但大企业和在位企业的机构进入率反而上升，且负面影响在依赖知识产权和外部融资的行业更大。
We explore the consequences of trade secret protection for new business formation in the United States. We find the states that adopt the Uniform Trade Secrets Act (UTSA), which enhances intellectual property rights, experience an overall decline in firm and establishment entry rates. This result is driven by the reduction in the establishment entry rates of start-ups and small firms. By contrast, the law increases the establishment entry rates of incumbents and larger firms. The negative impact of the UTSA is larger in industries that rely more on intellectual assets and trade secrets, as well as external-finance-dependent industries.