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1、TransparencyandCorporateGovernanceMaterialSource:http://www.hbs.edu/units/am/pdf/HWTransparencyJan2007.pdfAuthor:BenjaminHamelin1AbstractAnobjectiveofmanyproposedcorporategovernancereformsisincreasedtransparency.Thisgoalhasbeenrelativelyuncontroversial,asmostobserversbelieveincreasedtranspa
2、rencytobeunambiguouslygood.Wearguethat,fromacorporategovernanceperspective,therearelikelytobebothcostsandbenefitstoincreasedtransparency,leadingtoanoptimumlevelbeyondwhichincreasingtransparencylowersprofits.Thisresultholdsevenwhenthereisnodirectcostofincreasingtransparencyandnoissueofreveal
3、inginformationtoregulatorsorproduct-marketrivals.Weshowthatreformsthatseektoincreasetransparencycanreducefirmprofits,raiseexecutivecompensation,andinefficientlyincreasetherateofCEOturnover.Wefurtherconsiderthepossibilitythatexecutiveswilltakeactionstodistortinformation.Weshowthatexecutivesc
4、ouldhaveincentives,duetocareerconcerns,toincreasetransparencyandthatincreasesinpenaltiesfordistortinginformationcanbeprofitreducing.2IntroductionsInresponsetorecentcorporategovernancescandals,governmentshaverespondedbyadoptedanumberofregulatorychanges.Onecomponentofthesechangeshasbeenincrea
5、seddisclosurerequirements.Forexample,Sarbanes-Oxley(sox),adoptedinresponsetoEnron,WorldCom,andotherpublicgovernancefailures,requireddetailedreportingofoff-balancesheetfinancingandspecialpurposeentities.Additionally,soxincreasedthepenaltiestoexecutivesformisreporting.Thelinkbetweengovernance
6、andtransparencyisclearinthepublic’s(andregulators’)perceptions;transparencywasincreasedforthepurposeofimprovinggovernance.Yet,mostacademicdiscussionsabouttransparencyhavenothingtodowithcorporategovernance.Themostcommonlydiscussedbenefitoftransparencyisthatitreducesasymmetricinformation,andh
7、encelowersthecostoftradingthefirm’ssecuritiesandthefirm’scostofcapital.Tooffsetthisbenefit,commentatorstypicallyfocusonthedirectcostsofdisclosure,aswellasthecompetitivecostsarisingbecausethedisclosureprovidespotentiallyusefulinformationtoproduct-marketri