How to promote financial supply-side structural reform,remove institutional con-straints,revitalize entrepreneurial spirit,and stim-ulate the vitality of microeconomic agents is a key issue of common concern for policymakers and aca-demics.This article examines the impact of bank access deregulation on the establishment of new businesses by using the China Banking Regulatory Commission's granting of permission to joint-stock commercial banks to set up branches in counties in 2007 as a quasi-natural experiment in deregulating bank access.The study finds that bank access de-regulation significantly promotes the establishment of new businesses,and the conclusion still holds after controlling for specific policy shocks,placebo tests,changing the estimation method,and consid-ering the sample selection problem;the test of the impact mechanism shows that bank access deregu-lation improves the availability of capital and thus promotes the establishment of new businesses by shortening the distance between the bank and the enterprise,and promoting the competition in the banking industry.
Bank access regulationEstab-lishment of new businessesJoint-stock commercial banks
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