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1、TransparencyandCorporateGovernanceMaterialSource:http://www.hbs.edu/units/am/pdf/HWTransparencyJan2007.pdfAuthor:BenjaminHamelin1AbstractAnobjectiveofmanyproposedcorporategovernancereformsisincreasedtransparency.Thisgoalhasbeenrelativelyuncontroversial,asmostobserversbelieveincreasedtra
2、nsparencytobeunambiguouslygood.Wearguethat,fromacorporategovernanceperspective,therearelikelytobebothcostsandbenefitstoincreasedtransparency,leadingtoanoptimumlevelbeyondwhichincreasingtransparencylowersprofits.Thisresultholdsevenwhenthereisnodirectcostofincreasingtransparencyandnoissue
3、ofrevealinginformationtoregulatorsorproduct-marketrivals.Weshowthatreformsthatseektoincreasetransparencycanreducefirmprofits,raiseexecutivecompensation,andinefficientlyincreasetherateofCEOturnover.Wefurtherconsiderthepossibilitythatexecutiveswilltakeactionstodistortinformation.Weshowtha
4、texecutivescouldhaveincentives,duetocareerconcerns,toincreasetransparencyandthatincreasesinpenaltiesfordistortinginformationcanbeprofitreducing.2IntroductionsInresponsetorecentcorporategovernancescandals,governmentshaverespondedbyadoptedanumberofregulatorychanges.Onecomponentofthesechan
5、geshasbeenincreaseddisclosurerequirements.Forexample,Sarbanes-Oxley(sox),adoptedinresponsetoEnron,WorldCom,andotherpublicgovernancefailures,requireddetailedreportingofoff-balancesheetfinancingandspecialpurposeentities.Additionally,soxincreasedthepenaltiestoexecutivesformisreporting.Thel
6、inkbetweengovernanceandtransparencyisclearinthepublic’s(andregulators’)perceptions;transparencywasincreasedforthepurposeofimprovinggovernance.Yet,mostacademicdiscussionsabouttransparencyhavenothingtodowithcorporategovernance.Themostcommonlydiscussedbenefitoftransparencyisthatitreducesas
7、ymmetricinformation,andhencelowersthecostoftradingthefirm’ssecuritiesandthefirm’scostofcapital.Tooffsetthisbenefit,commentatorstypicallyfocusonthedirectcostsofdisclosure,aswellasthecompetitivecostsarisingbecausethedisclosureprovidespotentiallyusefulinformationtoproduct-marketri
