This paper studies the welfare implications of size-dependent firm regulation policies (SDPs) in the presence of entrepreneurial risks. Although SDPs have been considered sources of misallocation, it is shown that, once entrepreneurial risks are taken into account, SDPs can improve efficiency. Quantitatively, based on French data, removing the SDP can lead to output and welfare loss by up to $1.3$ and $1.1$ percent respectively. Importantly, the sign and the policy implications are the opposite of the previous literature that abstracts from risks. The analysis uncovers a novel trade-off between the inefficiencies in the intensive and extensive margins.

中文翻译：

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规模依赖型政策和风险性公司创立

本文研究了存在创业风险的规模依赖型企业监管政策（SDP）对福利的影响。尽管SDP被认为是分配不当的根源，但事实表明，一旦考虑到创业风险，SDP可以提高效率。根据法国的数据，从数量上删除SDP可能导致产出和福利损失最多达$1.3$ 和 $1.1$百分比。重要的是，标志和政策含义与从风险中抽象出来的先前文献相反。分析发现集约化利润率和广泛利润率的效率低下之间存在新的权衡。