主题：Ripple Effects of Deregulating Startup Investment with Agglomeration Spillovers
主讲人：熊瑞驰 武汉大学
主持人：陈方豪 暨南大学
时间：2024年11月20日（周三）下午15:00
地点：暨南大学石牌校区经济学院大楼（中惠楼）102室
摘要
Regulatory constraints in the financial markets of developing countries often hinder firm entry and growth by distorting investment decisions. Such distortions can be particularly detrimental for startups, as early-stage inefficiencies may have long-lasting effects on their performance. This paper examines the impact of China’s 2006 Company Law reform, which significantly lowered the minimum registered capital requirement for firm incorporation, effectively deregulating startup investments. Using a difference-in-differences strategy, we find that the reform led to a larger increase in firm entry in industries previously more constrained by the capital threshold compared to less affected industries. Further analysis reveals that the reform had a substantial positive impact on firms with registered capital below the pre-reform threshold, a large negative effect at the threshold, and a modest positive effect above it, suggesting the presence of positive spillovers between small and larger firms. The reform also fostered greater colocation of firms across capital thresholds, indicating that agglomeration effects from the influx of smaller firms contributed to the growth of larger firms. Finally, we show that the reform improved startup survival rates, particularly for those whose investments were likely distorted by the pre-reform regulations but normalized afterward.
主讲人简介
熊瑞驰，2023年博士毕业于多伦多大学Rotman商学院，现为武汉大学讲师。研究领域为城市经济学和国际经济学，主要关注创新、创业、发展等研究主题。
欢迎感兴趣的师生参加
校对| 陈方豪
责编| 彭 毅
初审| 贾善铭
终审发布| 何凌云
（来源：暨南大学经济学院微信公众号）
