是否公司透明度有助于效的资源分配？【外文翻译】.docVIP

本科毕业论文（设计） 外 文 翻 译 外文题 Does corporate transparency contribute to efficient resource allocation? 外文出处 《会计研究杂志》 外文作者 Jerer.Francis 完成日期 2011年1月6日 原文： Does Corporate Transparency Contribute to Efficient Resource Allocation? This paper examines whether a country’s corporate transparency environment, which includes the quality of accounting information, contributes to efficient resource allocation. Based on a cross-country study of 37 manufacturing industries in 37 countries, we provide three pieces of related evidence. First, we find the contemporaneous correlations in industry growth rates across country pairs are higher when there is a greater level of corporate transparency in the country pairs, after controlling for country-level economic and financial development. Second, we find the influence of transparency on these correlationsis stronger when country pairs are at similar levels of economic development(GDP). Finally, when we control for the level of transparency explained by a country’s institutions in place, we find that residual transparency (unexplained by country-level factors) is associated with industry-specific growth rates. Taken together, the results are consistent with corporate transparency facilitating the allocation of resources across industry sectors. This study sheds light on whether a country’s information environment better aligns ex ante growth opportunities with actual growth. We use the term corporate transparency to describe the country’s information environment, which includes accounting disclosures. Levine [1997, p. 695] contends that “high information costs may keep capital from flowing to its highest value use” and hence impede economic growth. Given the significance of information costs, a natural question to ask is what factors serve to ameliorate these costs and improve resource allocation. to prov