是否公司透明度有助于高效的资源分配？外文翻译(编辑修改稿)

是否公司透明度有助于高效的资源分配？外文翻译(编辑修改稿)内容摘要：

ute 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 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 indust。