【正文】 information frictions. Information frictions can hinder the efficient allocation of resources and negatively impact economic growth. Prior research points to the role of financial institutions in economizing on information costs by noting the positive relation between financial development and economic growth. While important, these studies do not directly address the role of a country’s information environment on the efficient allocation of resources, and financial development per se does not necessarily eliminate information frictions in a country (Rajan and Zingales [1998]). Our study fills this void by examining the role of corporate transparency over and above the effects of a country’s economic and financial development. In addition to reducing information acquisition costs, greater corporate transparency ameliorates problems created by information frictions in several ways. First, transparency improves firms’ access to lower cost external financing. In the absence of transparency, higher cost external financing will impede firms’ ability to take advantage of growth opportunities. Second, transparency contributes to more informative stock prices. Informed stock prices reflect greater firmspecific information and this ensures that prices remain close to their fundame ntal value and reflect available growth opportunities. 6 Third, transparency plays an important governance role in that it allows greater monitoring by outside investors. This greater monitoring in turn ensures that managers take advantage of value enhancing growth opportunities and prevents diversion of firms’ resources. Taken together, these arguments suggest a firstorder role of corporate transparency in facilitating investment efficiency. At the macro level, the implication is that transparency will contribute to the efficient allocation of scarce resources. We empirically evaluate this proposition by examining industry growth rate ovement between country pairs. Following Fisman and Love [2020], we calculate the ovement in industry growth rates for 37 industries in the manufacturing sector across 37 countries (666 unique country pairs). Assuming that growth shocks are correlated across countries, we predict the ovement in industry growth rates will be higher between pairs of countries that exhibit a high level of corporate transparency. In contrast, industries in low transparency countries may not be able to fully exploit these global growth opportunities due to information frictions and hence may not realize higher growth rates. We find robust evidence consistent with this prediction after controlling for an 982 J. R. Francis S. Huang, I. K. Khurana, AND R. pereira extensive set of countrylevel institutions and variables. In a supplemental analysis, we also document that countries with high transparency have a stronger association between ex ante growth opportunities and realized ex post growth in real GDP per capita and that growth opportunities were converted more into real growth when analyst coverage increased over time. Overall, the evidence points to a firstorder importance of corporate transparency (including the quality of accounting information) in the efficient allocation of resources and economic growth. However, as noted before, we cannot rule out the possibility that the associations we document are the result of other countrylevel factors that affect both FD and the information environment。 本研究闡明經(jīng)濟(jì)發(fā)展取決于一個國家的信息環(huán)境更好的事前增長機(jī)會階段與發(fā)展機(jī)遇。 經(jīng)驗證據(jù)表明：公司透明度影響資本的有效配置有幾個很重要的原因。由于競爭 水平的加劇，還有一個更精確更需要及時的信息，以確保準(zhǔn)確的資本分配給最有價值的用途（布什曼和 史密斯 [2020]）。 例如，布須曼人， 伯特， 史密斯 [2020]文件，較為保守的財務(wù)報告限制過度投資與風(fēng)險 。 在此背景下，現(xiàn)存的理論認(rèn)為，金融機(jī)構(gòu)的出現(xiàn)，能節(jié)約信息成本（鉆石 10 [1984]，博伊德和 普萊斯考特 [1986]，萊文 [1997]）?！币苑从尺@種廣泛的定義，其公司透明度措施涉及三大類：（ 1）公司財務(wù)報告的質(zhì)量，（ 2）私人信息采集力度，（ 3）傳播信息的質(zhì)量。在此 之前的研究指出了金融機(jī)構(gòu)對信息成本的節(jié)約到金融發(fā)展與經(jīng)濟(jì)增長呈正相關(guān)作用。第三，透明度發(fā)揮了重要的管理作用，因為它允許更多的外來投資者的監(jiān)管。在補(bǔ)充分析時，我們還文件，具有高透明度的國家之間有一個事前的發(fā)展機(jī)遇，實現(xiàn)了事后的實際國內(nèi)生產(chǎn)總值和人均增長的發(fā)展機(jī)遇轉(zhuǎn)化為現(xiàn)實的增長，更多的時候分析師報道隨著時間的推移而增加更強(qiáng)的關(guān)聯(lián)。 最后，在財務(wù)報告和信息披露政策方面，我們的研究具有以下意義。