How can governments attract entrepreneurs and their businesses? The view that new business creation grows with the optimal level of government investment remains appealing to policymakers. In contrast with this active approach, we build a model where governments may adopt a passive approach to stimulating business creation. The insights from this model suggest new business creation depends positively on factors beyond government investments—attracting high-skilled migrants to the region and lower property prices, taxes, and fines on firms in the informal sector. These findings suggest whether entrepreneurs generate business creation in the region does not only depend on government investments. It also depends on location and skilled migration. Our model also provides methodological implications—the relationship between government investments and new business creation is endogenously determined, so unless adjustments are made, econometric estimates will be biased and inconsistent. We conclude with policy and managerial implications.

政府如何吸引企业家及其企业？新企业创造随着政府投资的最佳水平而增长的观点仍然吸引着决策者。与这种主动的方法相反，我们建立了一个模型，在这个模型中，政府可以采用被动的方法来刺激企业创造。该模型的见解表明，新企业的创建积极依赖于政府投资以外的因素——吸引高技能移民到该地区，以及降低非正规部门企业的房地产价格、税收和罚款。这些调查结果表明，企业家是否在该地区创造业务不仅仅取决于政府投资。它还取决于位置和技术移民。我们的模型还提供了方法论意义——政府投资与新企业创建之间的关系是内生决定的，因此除非进行调整，否则计量经济学估计将是有偏差和不一致的。我们以政策和管理影响作为结尾。