制度对创业重要吗？（英）

Do Institutions Matterfor Entrepreneurship? KEY POINTS •Informal entrepreneurshipis prevalent, accounting fora large share of new business Donghyun ParkEconomic AdvisorEconomic Research and Development Kun Fu Evidence from 60 economies(2006–2022) shows thatstronger business regulations,property rights protection,and the rule of law are Shu Tian Principal EconomistEconomic Research and Development Erkko Autio Professor and Chair in TechnologyVenturing and Entrepreneurship Countries with widespreadinformal entrepreneurshiprecord lower entrepreneurialgrowth aspirations at theindividual level througha discouragement effect Entrepreneurship is a highly heterogeneous phenomenon, and not allentrepreneurial activities contribute equally to social and economic development(Ács and Amorós 2008). Following Baumol’s (1990) distinction between productive,unproductive, and destructive entrepreneurship, recent research underscoresthe central role of institutional environments in determining how entrepreneurialeffort is allocated. Within this context, scholars have highlighted an important Policy priorities shouldfocus on easing businessregulations; strengtheningproperty rights; reinforcingthe rule of law to promoteformalization; introducing Informal entrepreneurship is widespread across both developing and advancedeconomies (Thai and Turkina 2012, Autio and Fu 2015). In many lower-incomecontexts, where formal institutions remain weak, it serves as a vital safetyvalve, mitigating opportunity exclusion by providing self-employment and ISBN 978-92-9277-525-4 (print)ISBN 978-92-9277-526-1 (PDF)ISSN 2071-7202 (print)ISSN 2218-2675 (PDF)Publication Stock No. BRF250495-2 ADB BRIEFS NO. 367 CONCEPTUAL FRAMEWORK Informal entrepreneurial activity also plays a critical role in povertyalleviation. Despite global reductions in extreme poverty, morethan 800 million people still live on less than $3 a day (Filmer et al.2025). Studies have shown that informal entrepreneurship canhelp low-income households supplement earnings and maintainlivelihoods in the absence of formal employment opportunities(ESCAP 2006, Reddy 2007, Bruton et al. 2013). In this sense,informal entrepreneurship can help reduce poverty and incomeinequality (Bruton et al. 2013). However, while it may providelivelihoods and short-term safety nets, informal entrepreneurshipoften constrains long-term venture growth. It can underminecontract enforcement, limit access to finance, and perpetuatestructural inefficiencies that weaken the wider economy (La Portaand Shleifer 2008). Empirical evidence indicates that mostinformal firms remain small, capital-poor, and technologicallyunsophisticated, relying heavily on unskilled labor and yielding Institutional Drivers of Informal EntrepreneurshipEntrepreneurs’ decisions to register or not register new ventures are modeled as a trade-off: registration imposes upfront and ongoingcosts, such as time, fees, and compliance burden, balanced againstbenefits including property rights protection and legal contractenforcement. When regulatory burdens, weak legal institutions,or costly compliance raise the costs of formality, entrepreneurs,particularly those driven by necessity or operating at small scale,tend to choose informality (Djankov et al. 2002, Baumol 1990). Three institutional dimensions are especially influential in drivingformalization decisions: (i)Business regulation.High regulatory costs andadministrative burdens discourage registration and pushentrepreneurs into informality (Djankov et al. 2002).(ii)Property rights protection.Stronger property rightsincrease the benefits of formalization by ensuringsecurity of assets and returns (De Soto 2000, Autioand Ács 2010). (iii)The rule of law.Reliable enforcement of laws andcontracts reduces uncertainty, making formality moreattractive (Kaufmann et al. 2010, Levie and Autio 2011).The framework posits that institutional conditionsshift not only the total quantity of entrepreneurial This policy brief is based on an Asian Development Bank(ADB) working paper by Autio et al. (2025). Drawing onevidence from 60 countries between 2006 and 2022 usingGlobal Entrepreneurship Monitor and World Bank GroupEntrepreneurship Survey data, it examines how institutional factors,business regulation, property rights, and the rule of law shape the Distinguishing Informality: Informal Economy, Informal Entrepreneurship, and Informal Employment Understanding informality requires distinguishing its overlappingbut conceptually distinct dimensions. The frequently discussedterms such as “informal economy,” “informal entrepreneurship,”and “informal employment” capture different aspects of •Informal employmentcaptures the job or worker dimensionof informality, classifying jobs based on whether they providebasic social or legal protections. Informal workers often lackemployment rights, social provision, and pension rights. Informaljobs can be found within the formal sector (e.g., unregistered