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1、TransparencyandCorporateGovernanceMaterialSource:http://www.hbs.edu/units/am/pdf/HWTransparencyJan2007.pdfAuthor:BenjaminHamelin1AbstractAnobjectiveofmanyproposedcorporategovernancereformsisincreasedtransparency.Thisgoalhasbeenrelativelyuncontroversial,asmostobserversb
2、elieveincreasedtransparencytobeunambiguouslygood.Wearguethat,fromacorporategovernanceperspective,therearelikelytobebothcostsandbenefitstoincreasedtransparency,leadingtoanoptimumlevelbeyondwhichincreasingtransparencylowersprofits.Thisresultholdsevenwhenthereisnodirectco
3、stofincreasingtransparencyandnoissueofrevealinginformationtoregulatorsorproduct-marketrivals.Weshowthatreformsthatseektoincreasetransparencycanreducefirmprofits,raiseexecutivecompensation,andinefficientlyincreasetherateofCEOturnover.Wefurtherconsiderthepossibilitythate
4、xecutiveswilltakeactionstodistortinformation.Weshowthatexecutivescouldhaveincentives,duetocareerconcerns,toincreasetransparencyandthatincreasesinpenaltiesfordistortinginformationcanbeprofitreducing.2IntroductionsInresponsetorecentcorporategovernancescandals,governments
5、haverespondedbyadoptedanumberofregulatorychanges.Onecomponentofthesechangeshasbeenincreaseddisclosurerequirements.Forexample,Sarbanes-Oxley(sox),adoptedinresponsetoEnron,WorldCom,andotherpublicgovernancefailures,requireddetailedreportingofoff-balancesheetfinancingandsp
6、ecialpurposeentities.Additionally,soxincreasedthepenaltiestoexecutivesformisreporting.Thelinkbetweengovernanceandtransparencyisclearinthepublic’s(andregulators’)perceptions;transparencywasincreasedforthepurposeofimprovinggovernance.Yet,mostacademicdiscussionsabouttrans
7、parencyhavenothingtodowithcorporategovernance.Themostcommonlydiscussedbenefitoftransparencyisthatitreducesasymmetricinformation,andhencelowersthecostoftradingthefirm’ssecuritiesandthefirm’scostofcapital.Tooffsetthisbenefit,commentatorstypicallyfocusonthedirectcostsofdi
8、sclosure,aswellasthecompetitivecostsarisingbecausethedisclosureprovidespotentiallyusefulinformationtoproduct-marketri
