是否公司透明度有助于高效的資源分配？【外文翻譯】

1、1本科畢業(yè)論文（設(shè)計(jì)）外文翻譯外文題Doescpatetransparencycontributetoefficientresourceallocation外文出處《會(huì)計(jì)研究雜志》外文作者Jerer.Francis完成日期2011年1月6日原文：原文：DoesCpateTransparencyContributetoEfficientResourceAllocationThispaperexamineswhetheracountry’s

2、cpatetransparencyenvironmentwhichincludesthequalityofaccountinginfmationcontributestoefficientresourceallocation.Basedonacrosscountrystudyof37manufacturingindustriesin37countriesweprovidethreepiecesofrelatedevidence.Firs

3、twefindthecontempaneouscrelationsinindustrygrowthratesacrosscountrypairsarehigherwhenthereisagreaterlevelofcpatetransparencyinthecountrypairsaftercontrollingfcountryleveleconomicfinancialdevelopment.Secondwefindtheinflue

4、nceoftransparencyonthesecrelationsisstrongerwhencountrypairsareatsimilarlevelsofeconomicdevelopment(GDP).Finallywhenwecontrolftheleveloftransparencyexplainedbyacountry’sinstitutionsinplacewefindthatresidualtransparency(u

5、nexplainedbycountrylevelfacts)isassociatedwithindustryspecificgrowthrates.Takentogethertheresultsareconsistentwithcpatetransparencyfacilitatingtheallocationofresourcesacrossindustrysects.Thisstudyshedslightonwhetheracoun

6、try’sinfmationenvironmentbetteralignsexantegrowthopptunitieswithactualgrowth.Weusethetermcpatetransparencytodescribethecountry’sinfmationenvironmentwhichincludes3capitaltothemostvalueduses(BushmanSmith[2001]).Wedepartfro

7、mpriresearchthathaslargelyemphasizedtheroleoffinancialinstitutionsinthefmofpublicprivatecapitalmarketsinmitigatinginfmationcostscontributingtogrowth(LevineZervos[1998]RajanZingales[1998]DemirgucKuntMaksimovic[1998]).Wede

8、partfromthisresearchintwokeyways.Firstwefocusdirectlyontheroleofacountry’sinfmationenvironment.Weutilizeacomprehensivemeasureofcpatetransparencythattakesintoconsiderationnotonlyfinancialreptingbutalsothedevelopmentofacou

9、ntry’sinfmationintermediaries.Secondwefocusonthecompositionofgrowththatisindustryspecificgrowthratecomovementsratherthantheoveralllevelofgrowth.Thisshiftinfocusstemsfromourinterestinunderstingwhethercpatetransparencyfaci

10、litatestheintersectalallocationofscarceresources.Thestudyaddstoextantliteraturewhichpointstothepositiveroleoffinancialreptingoninvestmentbehavi.FexampleBushmanPiotroskiSmith[2007]documentthatmeconservativefinancialreptin

11、glimitsoverinvestmentinactivitieswithdeteriatingopptunitiesresultsinquickerterminationoflossproducingventures.Ourapproachfocusesmebroadlyontheinfmationenvironmentitsroleintheallocationofresourcestowardindustriesthatexper

12、iencepositivegrowthshocksawayfromindustriesthatexperiencenegativeshocks.Theevidenceisconsistentwithcpatetransparencyfacilitatingefficientassetallocationacrossindustrysects.Atfacevaluetheseresultsprovideevidencethatbetter

13、qualityfinancialreptingdisclosuresystemsinacountrynotonlyservetoincreasecpatetransparencybutalsocontributetotheefficiencyofresourceallocationdecisionsacrossindustrysectsoverabovethepreviouslydocumentedeffectsofacountry’s

14、economicfinancialdevelopment.Insumtheresultssuggestthatacountry’sinfmationenvironmentcontributestobetterresourceallocationaftercontrollingfacountry’sinstitutionsitslevelofeconomicfinancialdevelopmentalthoughwecannotruleo