2024-02-10-国际清算银行-监管_信息不对称和新企业融资_51页_1mb

BIS Working Paper Summary

Regulation, Information Asymmetries and the Funding of New Ventures

By Matteo Aquilina, Giulio Cornelli, and Marina Sanchez del Villar
January 2024

Key Findings

1. Regulation's Role

   • Regulation reduces information asymmetry, enhancing access to capital for innovative ventures, particularly in states with developed financial sectors.
   • Evidence from the U.S. cryptocurrency industry demonstrates a positive correlation between stricter regulatory frameworks and increased venture capital funding.

2. Mechanism of Impact

   • Regulations mitigate information frictions, enabling younger firms, startups, and firms with limited collateral to secure more funding.
   • Foreign and non-specialized investors, as well as smaller investment firms, are more likely to invest under tighter regulatory environments.

3. Empirical Evidence

   • A state-month-level "CryStIn" index measures regulatory stringency, showing a positive link to capital raised, driven by financial hubs (e.g., New York).
   • The introduction of the BitLicense in New York correlated with a 44% increase in funding for young firms and startups, with effects persisting in surviving firms.

4. Policy Implications

   • Public-private collaboration in regulation can foster innovation and address market inefficiencies.
   • Synergies between established financial systems and new industries highlight the importance of balanced policy design.

**Note**: The full paper explores industry-specific factors and robustness tests confirming these findings.