2009年-世界发展银行全球_Do_Marginal_Firms_in_Bolivia_Benefit_from_Formalizing__2页_692kb

报告摘要

Finance & PSD Impact Summary

Core Content

This document presents the findings of an impact evaluation conducted as part of a World Bank Economic Sector Work (ESW) in Bolivia, focusing on the effects of formalizing firms on their productivity and profitability. The study is part of a broader series examining the impact of formalization on economic outcomes, and it highlights the importance of using instrumental variables to assess the true impact of policy interventions.

Main Question

The main question explored is: Do marginal firms in Bolivia benefit from formalizing? The study investigates whether the process of registering for taxes leads to increased productivity and profitability, and if so, for which types of firms.

Key Findings

1. Formalization Benefits Some Firms

Marginal firms that are informal due to a lack of information about registration can almost double their profits by formalizing.
This benefit is robust to various controls, suggesting that formalization has a significant positive impact for these firms.

2. Benefits Are Not Universal

Only small firms (2–5 workers) benefit from formalizing.
Smaller firms (fewer than 2 workers) and larger informal firms experience declines in profits upon formalization.
Larger firms that remain informal are likely making a conscious decision to avoid the costs and complexities of formalization.

3. Main Benefit of Formalization is Customer Attraction

The primary benefit of formalization is attracting more customers, especially those who require tax receipts.
Access to credit is often cited as a benefit, but few firms participate in the formal financial system, and banks do not prioritize tax registration when granting credit.

Policy Implications

Improving Information Provision
- Governments should enhance information dissemination about how to register.
- Increasing the number of registration points can reduce the barriers to formalization.
Targeted Policy Interventions
- Most informal firms are not motivated to formalize, suggesting that general policies may not be effective.
- Targeted support for small, informationally disadvantaged firms could be more beneficial.
Encouraging Formalization of Larger Firms
- Larger informal firms may have higher entrepreneurial ability and have found ways to avoid formal constraints.
- Enforcement and business development programs tied to formalization could encourage these firms to register.
- Further experimental research is needed to evaluate the effectiveness of such approaches.

Methodology

The study uses GPS data to measure the distance to tax registration offices, city centers, and municipal offices. This distance is used as an instrumental variable to estimate the impact of formalization, accounting for the fact that distance affects access to information and registration costs.

Conclusion

The findings indicate that formalization is beneficial but not for all firms. It primarily benefits small firms lacking information, while larger firms may not gain from formalization. Therefore, policy efforts should be targeted to those firms that are most likely to benefit, and improving information access is a crucial step in reducing informality.