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1、1THEREGULATIONOFENTRYSimeonDjankovRafaelLaPortaFlorencioLopezdeSilanesAndreiShleiferThirdDraft,June2001Abstract.Wepresentnewdataontheregulationofentryofstart-upfirmsin85countries.Thedatacoverthenumberofprocedures,officialtime,andofficialcostthatastart-upmustbearbefor
2、eitcanoperatelegally.Theofficialcostsofentryareextremelyhighinmostcountries.Countrieswithheavierregulationofentryhavehighercorruptionandlargerunofficialeconomies,butnotbetterqualityofpublicorprivategoods.Countrieswithmoredemocraticandlimitedgovernmentshavelighterregu
3、lationofentry.Theevidenceisinconsistentwithpublicinteresttheoriesofregulation,butsupportsthepublicchoiceviewthatentryregulationbenefitspoliticiansandbureaucrats.1TheauthorsarefromtheWorldBank,HarvardUniversity,KennedySchoolofGovernmentatHarvardUniversity,andHarvardUn
4、iversity,respectively.WethankTatianaNenova,EkaterinaTrizlova,andLihongWangforableresearchassistance,andthreeanonymousreferees,AbhijitBanerjee,RichardCaves,EdwardGlaeser,RoumeenIslam,SimonJohnson,LawrenceKatz,DavidLaibson,GuyPfeffermann,andseminarparticipantsatGeorgeM
5、asonUniversityandtheUniversityofMarylandatCollegeParkforhelpfulcomments.ThecollectionofdataforthispaperwasfinancedbytheWorldBank’sResearchAdvisoryGroupandtheWorldDevelopmentReport2002:BuildingInstitutionsforMarkets.Anappendixdescribingcountrydataisavailablefromtheaut
6、horsonrequest.I.IntroductionCountriesdiffersignificantlyinthewayinwhichtheyregulatetheentryofnewbusinesses.TomeetgovernmentrequirementsforstartingtooperateabusinessinMozambique,anentrepreneurmustcomplete19procedurestakingatleast149businessdaysandpayUS$256infees.Todot
7、hesame,anentrepreneurinItalyneedstofollow16differentprocedures,payUS$3,946infeesandwaitatleast62businessdaystoacquirethenecessarypermits.Incontrast,anentrepreneurinCanadacanfinishtheprocessin2daysbypayingUS$280infeesandcompletingonly2procedures.Inthispaper,wedescribe
8、therequiredproceduresgoverningentryregulation,aswellasthetimeandthecostoffollowingtheseprocedures,in85countries.Wefocusonlegalrequi
