1、1本科毕业论文（设计）外文翻译外文题DOESCORPORATETRANSPARENCYCONTRIBUTETOEFFICIENTRESOURCEALLOCATION外文出处会计研究杂志外文作者JERERFRANCIS完成日期2011年1月6日原文DOESCORPORATETRANSPARENCYCONTRIBUTETOEFFICIENTRESOURCEALLOCATIONTHISPAPEREXAMINESWHETHERACOUNTRYSCORPORATETRANSPARENCYENVIRONMENT,WHICHINCLUDESTHEQUALITYOFACCOUNTINGINFORMATION,
2、CONTRIBUTESTOEFFICIENTRESOURCEALLOCATIONBASEDONACROSSCOUNTRYSTUDYOF37MANUFACTURINGINDUSTRIESIN37COUNTRIES,WEPROVIDETHREEPIECESOFRELATEDEVIDENCEFIRST,WEFINDTHECONTEMPORANEOUSCORRELATIONSININDUSTRYGROWTHRATESACROSSCOUNTRYPAIRSAREHIGHERWHENTHEREISAGREATERLEVELOFCORPORATETRANSPARENCYINTHECOUNTRYPAIRS,AF
3、TERCONTROLLINGFORCOUNTRYLEVELECONOMICANDFINANCIALDEVELOPMENTSECOND,WEFINDTHEINFLUENCEOFTRANSPARENCYONTHESECORRELATIONSISSTRONGERWHENCOUNTRYPAIRSAREATSIMILARLEVELSOFECONOMICDEVELOPMENTGDPFINALLY,WHENWECONTROLFORTHELEVELOFTRANSPARENCYEXPLAINEDBYACOUNTRYSINSTITUTIONSINPLACE,WEFINDTHATRESIDUALTRANSPAREN
4、CYUNEXPLAINEDBYCOUNTRYLEVELFACTORSISASSOCIATEDWITHINDUSTRYSPECIFICGROWTHRATESTAKENTOGETHER,THERESULTSARECONSISTENTWITHCORPORATETRANSPARENCYFACILITATINGTHEALLOCATIONOFRESOURCESACROSSINDUSTRYSECTORSTHISSTUDYSHEDSLIGHTONWHETHERACOUNTRYSINFORMATIONENVIRONMENTBETTERALIGNSEXANTEGROWTHOPPORTUNITIESWITHACTU
5、ALGROWTHWEUSETHETERMCORPORATETRANSPARENCYTODESCRIBETHECOUNTRYSINFORMATIONENVIRONMENT,WHICHINCLUDES2ACCOUNTINGDISCLOSURESLEVINE1997,P695CONTENDSTHAT“HIGHINFORMATIONCOSTSMAYKEEPCAPITALFROMFLOWINGTOITSHIGHESTVALUEUSE”ANDHENCEIMPEDEECONOMICGROWTHGIVENTHESIGNIFICANCEOFINFORMATIONCOSTS,ANATURALQUESTIONTOA
6、SKISWHATFACTORSSERVETOAMELIORATETHESECOSTSANDIMPROVERESOURCEALLOCATIONTOPROVIDESUPPLEMENTALEVIDENCEONTHERESOURCEALLOCATIONEFFECTSOFCORPORATETRANSPARENCY,WEFOLLOWBEKAERTETAL2007TOMEASUREACOUNTRYSLEVELOFEXANTEGROWTHOPPORTUNITIESUSINGTHEPRICEEARNINGSRATIOOFGLOBALINDUSTRYPORTFOLIOSWEIGHTEDBYACOUNTRYSIND
7、USTRIALMIXWEFINDTHATONLYCOUNTRIESWITHHIGHTRANSPARENCYHAVEANASSOCIATIONBETWEENEXANTEGLOBALGROWTHOPPORTUNITIESOFFIRMSWITHINACOUNTRYANDTHECOUNTRYSREALIZEDEXPOSTGROWTHINREALGDPPERCAPITAWEALSOFINDTHATGROWTHOPPORTUNITIESWERECONVERTEDINTOMOREREALGROWTHWHENANALYSTCOVERAGEINCREASEDOVERTIMETHESERESULTSARECONS
8、ISTENTWITHTHEARGUMENTTHATFIRMSINMORETRANSPARENTSETTINGSAREBETTERABLETOEXPLOITGLOBALGROWTHSHOCKS,ANDTHUS,THESEECONOMIESACHIEVEHIGHERREALIZEDGROWTHRATESEMPIRICALEVIDENCETHATCORPORATETRANSPARENCYAFFECTSTHEEFFICIENTALLOCATIONOFCAPITALISIMPORTANTFORSEVERALREASONSFIRST,ASCLAESSENS2006POINTSOUT,THEPRIVATES
9、ECTORMARKETBASEDINVESTMENTPROCESSHASNOWBECOMEMOREIMPORTANTINMOSTECONOMIESAROUNDTHEWORLDSPECIFICALLY,AGROWINGPROPORTIONOFCOUNTRIESINVESTMENTSAREUNDERTAKENBYTHEPRIVATESECTORASOPPOSEDTOSTATEOWNEDENTERPRISESTHISTRENDHIGHLIGHTSTHENEEDTOUNDERSTANDFACTORSTHATINFLUENCETHEEFFICIENCYWITHWHICHPRIVATEMARKETSARE
10、ABLETOALLOCATERESOURCESBETWEENCOMPETINGUSESSECOND,THEGROWTHINFINANCIALINTERMEDIARIESANDINSTITUTIONALINVESTORSHASRESULTEDINIMPROVEDCAPITALMOBILITYCLAESSENS2006WHILEIMPORTANT,IMPROVEDCAPITALMOBILITYBYITSELFISUNLIKELYTOMATTERIFFINANCIALINTERMEDIARIESAREUNABLETODIRECTRESOURCESTOWARDPOTENTIALLYPROFITABLE
11、GROWTHOPPORTUNITIESDUETOINFORMATIONFRICTIONSAGAIN,THISRAISESTHEQUESTIONASTOTHEROLEOFTHECOUNTRYSINFORMATIONENVIRONMENTONEFFICIENTRESOURCEALLOCATIONSFINALLY,REFORMSSUCHASDEREGULATIONAREINCREASINGLYEXPOSINGFIRMSTOMARKETFORCESANDRISKSCLAESSENS2006GIVENTHEHEIGHTENEDLEVELOFCOMPETITION,THEREISANEVENGREATER
12、NEEDFORMOREPRECISEANDTIMELYINFORMATIONTOENSUREACCURATEALLOCATIONOF3CAPITALTOTHEMOSTVALUEDUSESBUSHMANANDSMITH2001WEDEPARTFROMPRIORRESEARCHTHATHASLARGELYEMPHASIZEDTHEROLEOFFINANCIALINSTITUTIONSINTHEFORMOFPUBLICANDPRIVATECAPITALMARKETSINMITIGATINGINFORMATIONCOSTSANDCONTRIBUTINGTOGROWTHLEVINEANDZERVOS19
13、98,RAJANANDZINGALES1998,DEMIRGUCKUNTANDMAKSIMOVIC1998WEDEPARTFROMTHISRESEARCHINTWOKEYWAYSFIRST,WEFOCUSDIRECTLYONTHEROLEOFACOUNTRYSINFORMATIONENVIRONMENTWEUTILIZEACOMPREHENSIVEMEASUREOFCORPORATETRANSPARENCYTHATTAKESINTOCONSIDERATIONNOTONLYFINANCIALREPORTINGBUTALSOTHEDEVELOPMENTOFACOUNTRYSINFORMATIONI
14、NTERMEDIARIESSECOND,WEFOCUSONTHECOMPOSITIONOFGROWTH,THATIS,INDUSTRYSPECIFICGROWTHRATECOMOVEMENTSRATHERTHANTHEOVERALLLEVELOFGROWTHTHISSHIFTINFOCUSSTEMSFROMOURINTERESTINUNDERSTANDINGWHETHERCORPORATETRANSPARENCYFACILITATESTHEINTERSECTORALALLOCATIONOFSCARCERESOURCESTHESTUDYADDSTOEXTANTLITERATURE,WHICHPO
15、INTSTOTHEPOSITIVEROLEOFFINANCIALREPORTINGONINVESTMENTBEHAVIORFOREXAMPLE,BUSHMAN,PIOTROSKI,ANDSMITH2007DOCUMENTTHATMORECONSERVATIVEFINANCIALREPORTINGLIMITSOVERINVESTMENTINACTIVITIESWITHDETERIORATINGOPPORTUNITIESAND/ORRESULTSINQUICKERTERMINATIONOFLOSSPRODUCINGVENTURESOURAPPROACHFOCUSESMOREBROADLYONTHE
16、INFORMATIONENVIRONMENTANDITSROLEINTHEALLOCATIONOFRESOURCESTOWARDINDUSTRIESTHATEXPERIENCEPOSITIVEGROWTHSHOCKSANDAWAYFROMINDUSTRIESTHATEXPERIENCENEGATIVESHOCKSTHEEVIDENCEISCONSISTENTWITHCORPORATETRANSPARENCYFACILITATINGEFFICIENTASSETALLOCATIONACROSSINDUSTRYSECTORSATFACEVALUE,THESERESULTSPROVIDEEVIDENC
17、ETHATBETTERQUALITYFINANCIALREPORTINGANDDISCLOSURESYSTEMSINACOUNTRYNOTONLYSERVETOINCREASECORPORATETRANSPARENCYBUTALSOCONTRIBUTETOTHEEFFICIENCYOFRESOURCEALLOCATIONDECISIONSACROSSINDUSTRYSECTORS,OVERANDABOVETHEPREVIOUSLYDOCUMENTEDEFFECTSOFACOUNTRYSECONOMICANDFINANCIALDEVELOPMENTINSUM,THERESULTSSUGGESTT
18、HATACOUNTRYSINFORMATIONENVIRONMENTCONTRIBUTESTOBETTERRESOURCEALLOCATIONAFTERCONTROLLINGFORACOUNTRYSINSTITUTIONSANDITSLEVELOFECONOMICANDFINANCIALDEVELOPMENT,ALTHOUGHWECANNOTRULEOUTTHEPOSSIBILITYTHATTHESEASSOCIATIONSARETHERESULTOFOTHERCOUNTRYLEVELFACTORSTHATAFFECTBOTHFINANCIALDEVELOPMENTANDTRANSPARENC
19、Y4CONSIDERASETTINGWITHPERFECTANDCOSTLESSINFORMATIONINSUCHASETTING,THEREISNONEEDTOEXPENDRESOURCESTOIDENTIFYANDEVALUATEINVESTMENTOPPORTUNITIES,TOMONITORANDDISCIPLINEMANAGERSWHOMAYUNDERTAKEVALUEDESTROYINGINVESTMENTOREXPROPRIATEFIRMRESOURCESFORPERSONALCONSUMPTION,ORTOREDUCEINFORMATIONASYMMETRYBETWEENINV
20、ESTORSBUSHMANANDSMITH2003,LEVINE1997HOWEVER,INTHEREALWORLDINFORMATIONISINCOMPLETEANDINFORMATIONCOSTSARESIGNIFICANTANDCANIMPEDEECONOMICGROWTHBYAFFECTINGTHEEFFICIENCYWITHWHICHSCARCERESOURCESAREALLOCATEDGIVENTHISBACKDROP,EXTANTTHEORYSUGGESTSTHATFINANCIALINSTITUTIONSEMERGETOECONOMIZEONINFORMATIONCOSTSDI
21、AMOND1984,BOYDANDPRESCOTT1986,LEVINE1997FOREXAMPLE,CONSIDERFINANCIALINTERMEDIARIESINTHEABSENCEOFFINANCIALINTERMEDIARIES,EACHINVESTORMAYINCURAFIXEDCOSTTOOBTAINAPIECEOFINFORMATIONABOUTANINVESTMENTONTHEOTHERHAND,INVESTORSMAYJOINAFINANCIALINTERMEDIARYWHOECONOMIZESONTHEINFORMATIONACQUISITIONCOSTBYSIMPLYE
22、LIMINATINGTHEDUPLICATIONINTHERESOURCESSPENTCONSEQUENTLY,LEVINE1997,P695NOTESTHAT“ECONOMIZINGONINFORMATIONACQUISITIONCOSTSFACILITATESTHEACQUISITIONOFINFORMATIONROLEOFCORPORATETRANSPARENCY949ABOUTINVESTMENTOPPORTUNITIESANDTHEREBYIMPROVESRESOURCEALLOCATION”INSHORT,ACOUNTRYSFINANCIALDEVELOPMENTSHOULDCON
23、TRIBUTETOECONOMICGROWTHBUSHMANANDSMITH2003NOTETHATDESPITETHETHEORETICALIMPORTANCEOFINFORMATIONCOSTS,SCANTATTENTIONHASBEENPAIDTOTHEROLEOFACOUNTRYSINFORMATIONENVIRONMENT,PERSETHISRAISESTHEQUESTIONASTOHOWACOUNTRYSINFORMATIONENVIRONMENTSHOULDBEEVALUATEDBUSHMAN,PIOTROSKI,ANDSMITH2004,P210PROVIDEAFRAMEWOR
24、KFORCONCEPTUALIZINGTHISISSUEBYFOCUSINGONCORPORATETRANSPARENCY,WHICHTHEYDEFINEASTHE“WIDESPREADAVAILABILITYOFFIRMSPECIFICINFORMATIONCONCERNINGPUBLICLISTEDFIRMSINTHEECONOMYTOTHOSEOUTSIDETHEFIRM”TOREFLECTTHISBROADDEFINITION,THEIRMEASUREOFCORPORATETRANSPARENCYINVOLVESTHREECATEGORIES1THEQUALITYOFCORPORATE
25、FINANCIALREPORTING,2THEINTENSITYOFPRIVATEINFORMATIONACQUISITION,AND3THEQUALITYOFINFORMATIONDISSEMINATIONHIGHERQUALITYFINANCIALREPORTINGWILLINCREASECORPORATETRANSPARENCYBYREQUIRINGGREATER5DISCLOSURE,LIMITINGMANAGERIALREPORTINGDISCRETION,ANDSUBJECTINGFIRMREPORTINGTOCREDIBLEEXTERNALAUDITSALARGERMARKETF
26、ORINFORMATIONINTERMEDIARIESALLOWSFORGREATERANALYSTCOVERAGEOFFIRMSTOTHEEXTENTTHATTHESEANALYSTSGATHERPRIVATEFIRMSPECIFICINFORMATION,CORPORATETRANSPARENCYIMPROVESMOREOVER,WELLESTABLISHEDMEDIAALLOWFORTHEWIDESPREADDISSEMINATIONOFFIRMSPECIFICINFORMATIONTAKENTOGETHER,AMORETRANSPARENTINFORMATIONENVIRONMENTI
27、SANTICIPATEDTOPROVIDEGREATERFIRMSPECIFICINFORMATIONTOOUTSIDEINVESTORSANDCONTRIBUTETOTHEEFFICIENTFLOWOFSCARCERESOURCESTO“PROMISINGINVESTMENTOPPORTUNITIES”BUSHMANANDSMITH2003,P2TOTHISEND,GREATERTRANSPARENCYNOTONLYLOWERSINFORMATIONACQUISITIONCOSTSBUTALSOAMELIORATESPROBLEMSRELATEDTOINFORMATIONFRICTIONSI
28、NFORMATIONFRICTIONSCANHINDERTHEEFFICIENTALLOCATIONOFRESOURCESANDNEGATIVELYIMPACTECONOMICGROWTHPRIORRESEARCHPOINTSTOTHEROLEOFFINANCIALINSTITUTIONSINECONOMIZINGONINFORMATIONCOSTSBYNOTINGTHEPOSITIVERELATIONBETWEENFINANCIALDEVELOPMENTANDECONOMICGROWTHWHILEIMPORTANT,THESESTUDIESDONOTDIRECTLYADDRESSTHEROL
29、EOFACOUNTRYSINFORMATIONENVIRONMENTONTHEEFFICIENTALLOCATIONOFRESOURCES,ANDFINANCIALDEVELOPMENTPERSEDOESNOTNECESSARILYELIMINATEINFORMATIONFRICTIONSINACOUNTRYRAJANANDZINGALES1998OURSTUDYFILLSTHISVOIDBYEXAMININGTHEROLEOFCORPORATETRANSPARENCYOVERANDABOVETHEEFFECTSOFACOUNTRYSECONOMICANDFINANCIALDEVELOPMEN
30、TINADDITIONTOREDUCINGINFORMATIONACQUISITIONCOSTS,GREATERCORPORATETRANSPARENCYAMELIORATESPROBLEMSCREATEDBYINFORMATIONFRICTIONSINSEVERALWAYSFIRST,TRANSPARENCYIMPROVESFIRMSACCESSTOLOWERCOSTEXTERNALFINANCINGINTHEABSENCEOFTRANSPARENCY,HIGHERCOSTEXTERNALFINANCINGWILLIMPEDEFIRMSABILITYTOTAKEADVANTAGEOFGROW
31、THOPPORTUNITIESSECOND,TRANSPARENCYCONTRIBUTESTOMOREINFORMATIVESTOCKPRICESINFORMEDSTOCKPRICESREFLECTGREATERFIRMSPECIFICINFORMATIONANDTHISENSURESTHATPRICESREMAINCLOSETOTHEIRFUNDAMENTALVALUEANDREFLECTAVAILABLEGROWTHOPPORTUNITIESTHIRD,TRANSPARENCYPLAYSANIMPORTANTGOVERNANCEROLEINTHATITALLOWSGREATER6MONIT
32、ORINGBYOUTSIDEINVESTORSTHISGREATERMONITORINGINTURNENSURESTHATMANAGERSTAKEADVANTAGEOFVALUEENHANCINGGROWTHOPPORTUNITIESANDPREVENTSDIVERSIONOFFIRMSRESOURCESTAKENTOGETHER,THESEARGUMENTSSUGGESTAFIRSTORDERROLEOFCORPORATETRANSPARENCYINFACILITATINGINVESTMENTEFFICIENCYATTHEMACROLEVEL,THEIMPLICATIONISTHATTRAN
33、SPARENCYWILLCONTRIBUTETOTHEEFFICIENTALLOCATIONOFSCARCERESOURCESWEEMPIRICALLYEVALUATETHISPROPOSITIONBYEXAMININGINDUSTRYGROWTHRATECOMOVEMENTBETWEENCOUNTRYPAIRSFOLLOWINGFISMANANDLOVE2004,WECALCULATETHECOMOVEMENTININDUSTRYGROWTHRATESFOR37INDUSTRIESINTHEMANUFACTURINGSECTORACROSS37COUNTRIES666UNIQUECOUNTR
34、YPAIRSASSUMINGTHATGROWTHSHOCKSARECORRELATEDACROSSCOUNTRIES,WEPREDICTTHECOMOVEMENTININDUSTRYGROWTHRATESWILLBEHIGHERBETWEENPAIRSOFCOUNTRIESTHATEXHIBITAHIGHLEVELOFCORPORATETRANSPARENCYINCONTRAST,INDUSTRIESINLOWTRANSPARENCYCOUNTRIESMAYNOTBEABLETOFULLYEXPLOITTHESEGLOBALGROWTHOPPORTUNITIESDUETOINFORMATION
35、FRICTIONSANDHENCEMAYNOTREALIZEHIGHERGROWTHRATESWEFINDROBUSTEVIDENCECONSISTENTWITHTHISPREDICTIONAFTERCONTROLLINGFORAN982JRFRANCISSHUANG,IKKHURANA,ANDRPEREIRAEXTENSIVESETOFCOUNTRYLEVELINSTITUTIONSANDVARIABLESINASUPPLEMENTALANALYSIS,WEALSODOCUMENTTHATCOUNTRIESWITHHIGHTRANSPARENCYHAVEASTRONGERASSOCIATIO
36、NBETWEENEXANTEGROWTHOPPORTUNITIESANDREALIZEDEXPOSTGROWTHINREALGDPPERCAPITAANDTHATGROWTHOPPORTUNITIESWERECONVERTEDMOREINTOREALGROWTHWHENANALYSTCOVERAGEINCREASEDOVERTIMEOVERALL,THEEVIDENCEPOINTSTOAFIRSTORDERIMPORTANCEOFCORPORATETRANSPARENCYINCLUDINGTHEQUALITYOFACCOUNTINGINFORMATIONINTHEEFFICIENTALLOCA
37、TIONOFRESOURCESANDECONOMICGROWTHHOWEVER,ASNOTEDBEFORE,WECANNOTRULEOUTTHEPOSSIBILITYTHATTHEASSOCIATIONSWEDOCUMENTARETHERESULTOFOTHERCOUNTRYLEVELFACTORSTHATAFFECTBOTHFDANDTHEINFORMATIONENVIRONMENTFORTHISREASON,OURRESULTSMAYNOTDEMONSTRATEDIRECTCAUSALITYUNDERSTANDINGFACTORSTHATINFLUENCEEFFICIENTRESOURCE
38、ALLOCATIONISIMPORTANTBECAUSEOFTHEGROWINGDECENTRALIZATIONOFINVESTMENTDECISIONSAROUNDTHEWORLDSPECIFICALLY,THEINCREASINGTRENDTOWARDPRIVATIZATIONHASMEANTTHATINVESTMENTSUNDERTAKENBYTHEPRIVATESECTORWILLDWARFSTATEOWNEDENTERPRISEINVESTMENTS7FURTHER,THEREISGREATERCAPITALMOBILIZATIONANDANINCREASINGDISTANCEBET
39、WEENTHESUPPLIERSOFCAPITALANDTHEMANAGERSOFTHISCAPITALINCONTRASTTOPRIORRESEARCH,WHICHHASEMPHASIZEDTHEIMPORTANCEOFTHEFINANCIALSECTORINFOSTERINGEFFICIENTRESOURCEALLOCATION,OURSTUDYHIGHLIGHTSTHEIMPORTANCEOFACOUNTRYSINFORMATIONENVIRONMENTPERSE,OVERANDABOVETHEEFFECTSOFACOUNTRYSECONOMICANDFINANCIALDEVELOPME
40、NTOUREVIDENCEISCONSISTENTWITHTHENOTIONTHATAMORETRANSPARENTINFORMATIONENVIRONMENTREDUCESINFORMATIONFRICTIONSANDPROMOTESTHEINTERSECTORALALLOCATIONOFRESOURCESTOINDUSTRIESWITHHIGHERGROWTHOPPORTUNITIESFINALLY,INTERMSOFFINANCIALREPORTINGANDDISCLOSUREPOLICIES,OURSTUDYHASTHEFOLLOWINGIMPLICATIONITAPPEARSTHAT
41、ANIMPROVEDINFORMATIONENVIRONMENTANDBETTERCORPORATETRANSPARENCYENHANCESTHEFLOWOFRESOURCESTOTHOSEPARTICULARINDUSTRIESWITHBETTERGROWTHOPPORTUNITIESFURTHER,THIS“INFORMATIONEFFECT”APPEARSTOOPERATEOVERANDABOVETHEEFFECTSOFACOUNTRYSINSTITUTIONALENVIRONMENTANDACOUNTRYSLEVELOFECONOMICANDFINANCIALDEVELOPMENT,S
42、UBJECTTOTHECAVEATTHATTHEREMAYBEOTHERCOUNTRYLEVELFACTORSTHATARECRITICALBUTMISSINGINOURANALYSISTHEREHASBEENDEBATEQUESTIONINGTHEVALUEOFIMPROVEDFINANCIALREPORTINGANDDISCLOSURESYSTEMSINCOUNTRIESWITHWEAKINSTITUTIONSANDPOORENFORCEMENTMECHANISMSHOWEVER,OURFINDINGSSUGGESTTHATANIMPROVEDINFORMATIONENVIRONMENTM
43、AYENHANCEINTERSECTORALASSETALLOCATION,IRRESPECTIVEOFOTHERUNDERLYINGCOUNTRYCHARACTERISTICSANDINSTITUTIONSTHEREFORE,ACASECOULDBEMADETHATBETTERFINANCIALREPORTINGANDDISCLOSURESYSTEMSADDVALUE,IRRESPECTIVEOFTHESTRENGTHOFACOUNTRYSUNDERLYINGLEGALENVIRONMENTANDENFORCEMENTMECHANISMSOFCOURSE,SUCHACONCLUSIONISC
44、ONTINGENTONTHESOCIALBENEFITSOFIMPROVEDRESOURCEALLOCATIONSEXCEEDINGTHEPRIVATEFIRMLEVELCOSTSOFBETTERACCOUNTINGSYSTEMSANDEXPANDEDPUBLICDISCLOSURESSOURCEJOURNALOFACCOUNTINGRESEARCHVOL47NO4SEPTEMBER20098译文是否公司透明度有助于高效的资源分配本文探讨的是一个国家的公司透明度的环境，其中包括会计信息质量是否有利于有效的资源分配。根据在37个国家制造业的研究中，我们提供了三件相关的证据。首先，我们发现在全国工
45、业增长速度与同期相比发展较快时，当该国对公司的透明度达到更高层次后，国家一级的经济和金融发展的就能得到更好的控制。第二，我们找到了更强的透明度，当这些国家较少受到对相关系数在经济发展水平相近时对总值（GDP）的影响。最后，当我们为通过建立一个国家机构的解释，透明程度的控制，我们发现，残余的透明度（由国家一级的因素，原因不明）与特定行业的增长速度有关。两者合计，结果与企业促进各行业部门的资源分配的透明度一致。本研究阐明经济发展取决于一个国家的信息环境更好的事前增长机会阶段与发展机遇。我们使用公司的透明度这一术语来描述该国信息环境，其中包括会计披露。莱文1997年，第695认为“高信息成本可能不断
46、流入资本以使利用价值最高，因而高成本阻碍经济增长。”鉴于信息成本的重大意义，一个自然要问的问题是什么因素有助于改善这些成本，来提高资源的配置。下面提供公司的透明度影响资源配置效率的证据，我们遵循贝卡尔特等。我们利用全球产业由一个国家的混合工业加权组合的市盈率水平来衡量一个国家的事前增长的机会时发现，只有具有高透明度，只有国家之间有一个事前的全球增长机会的公司章程（在一个国家内）和国家的实际国内生产总值实现了事后人均增长。我们还会发现,当分析师范围随时间增长而增长时发展机会被改造成更多的实际增长。这些结果与参数设置，在更加透明的公司能够更好地利用全球经济增长带来的机遇，从而保持一致，这些国家的经
47、济增长达到更高的水平。经验证据表明公司透明度影响资本的有效配置有几个很重要的原因。首先，当森斯2006指出，在世界各地私营部门以市场为基础的投资进程现在已经变得越来越重要。具体来说，一些国家的投资增长比例由私营部门（相对于国有企业）独自承担了。这一趋势突显了影响私人市场效率能分配资源的的作用。其次，金融中介机构和投资机构的成长改进了资本流动（森斯2006）。它们虽然重要，9但提高自身资本流动是不可能的问题，由于信息摩擦金融中介机构是无法直接对资源的潜在利润增长提供机会的。同样，这就提出了一个有效信息环境资源分配的作用问题。最后，诸如放松管制改革的公司越来越多地暴露市场力量和风险（森斯2006）
48、。由于竞争水平的加剧，还有一个更精确更需要及时的信息，以确保准确的资本分配给最有价值的用途（布什曼和史密斯2001）。我们离开之前的研究，已经在很大程度上强调了在公共和私人资本市场减轻信息成本对金融机构的作用，并能促进经济增长（莱文和泽尔沃斯1998，拉詹和津加莱斯1998）。我们离开了两个关键方面的研究。首先，我们直接关注一个国家信息环境的作用。我们利用企业的综合措施综合考虑,透明度不仅影响财务报告也是一个国家的发展信息中介。第二，我们专注于增长的构成，即是针对特定行业的增长速度而不是增长的总体水平。这种重点转移源于我们是否了理解透明度促进企业的稀缺资源在各部门间的利益分配。该报告还提到现存
49、的文献，这说明投资行为在财务报告中的积极作用。例如，布须曼人，伯特，史密斯2007文件，较为保守的财务报告限制过度投资与风险。我们的方法更广泛地侧重于信息环境及其远离负面冲击的行业经验，正增长的冲击和对资源配置中的作用。证据是与各个行业的企业提供便利有效的资产分配的透明度一致。在票面价值上，这些结果提供的证据表明，更高质量的财务报告，并在国家信息披露制度下，不仅有助于提高企业的透明度，而且也有助于整个行业的资源分配的决策，并影响一个国家的经济和金融的发展。总之，结果表明，一个国家的信息环境，有助于更好地分配资源，有助于一个国家的机构和其经济和金融发展水平的控制。虽然我们不能排除这种可能性,由于其他因素这些组织是在“十五”期间，同时影响金融发展和透明度。考虑一个完善和无成本的信息设置，在这样的环境中，就没有必要花费资源来识别和评估投资机会，以监督和管理谁可以承担重大投资或者个人消费征用企业资源，或以减少投资者（布什曼和史密斯2003，莱文1997）的信息不对称。然而，在现实世界的信息不完整，信息成本是重要的，可以通过影响和阻碍其稀缺资源的分配效率影响经济增长。在此背景下，现存的理论认为，金融机构的出现，能节约信息成本（钻石1984，博伊德和普莱斯考特1986，莱文1997）。例如，考虑金融中介机构，10每个投资者可能会产生一个固定
