是否公司透明度有助于高效的資源分配？外文翻譯-展示頁
2025-05-27 00:51本頁面
【正文】 s. At face value, these results provide evidence that better quality financial reporting and disclosure systems in a country not only serve to increase corporate transparency but also contribute to the efficiency of resource allocation decisions across industry sectors, over and above the previously documented effects of a country’s economic and financial development. In sum, the results suggest that a country’s information environment contributes to better resource allocation after controlling for a country’s institutions and its level of economic and financial development, although we cannot rule out the possibility that these associations are the result of other countrylevel factors that affect both financial 4 development and transparency. Consider a setting with perfect and costless information. In such a setting, there is no need to expend resources to identify and evaluate investment opportunities, to monitor and discipline managers who may undertake valuedestroying investment or expropriate firm resources for personal consumption, or to reduce information asymmetry between investors (Bushman and Smith [2020], Levine [1997]). However, in the real world information is inplete and information costs are significant and can impede economic growth by affecting the efficiency with which scarce resources are allocated. Given this backdrop, extant theory suggests that financial institutions emerge to economize on information costs (Diamond [1984], Boyd and Prescott [1986], Levine [1997]). For example, consider financial intermediaries. In the absence of financial intermediaries, each investor may incur a fixed cost to obtain a piece of information about an investment. On the other hand, investors may join a financial intermediary who economizes on the information acquisition cost by simply eliminating the duplication in the resources spent. Consequently, Levine [1997, p. 695] notes that “economizing on information acquisition costs facilitates the acquisition of information role of corporate transparency 949 about investment opportunities and thereby improves resource allocation.” In short, a country’s financial development should contribute to economic growth. Bushman and Smith [2020] note that despite the theoretical importance of information costs, scant attention has been paid to the role of a country’s information environment, per se. This raises the question as to how a country’s information environment should be evaluated. Bushman, Piotroski, and Smith [2020, p. 210] provide a framework for conceptualizing this issue by focusing on corporate transparency, which they define as the “widespread availability of firmspecific information concerning publiclisted firms in the economy to those outside the firm.” To reflect this broad definition, their measure of corporate transparency involves three categories: (1) the quality of corporate financial reporting, (2) the intensity of private information acquisition, and (3) the quality of information dissemination. Higher 5 quality financial reporting will increase corporate transparency by requiring greater disclosure, limiting managerial reporting discretion, and subjecting firm reporting to credible external audits. A larger market for information intermediaries allows for greater analyst coverage of firms. To the extent that these analysts gather private firmspecific information, corporate transparency improves. Moreover, wellestablished media allow for the widespread dissemination of firmspecific information. Taken together, a more transparent information environment is anticipated to provide greater firmspecific information to outside investors and contribute to the efficient flow of scarce resources to “promising investment opportunities” (Bushman and Smith [2020, p. 2]). To this end, greater transparency not only lowers information acquisition costs but also ameliorates problems related to information frictions. Information frictions can hinder the effici
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