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1、外文翻译TransparencyandCorporateGovernanceMaterialSource:http://www.hbs.edu/units/am/pdf/HWTransparencyJan2007.pdfAuthor:BenjaminHamelin1AbstractAnobjectiveofmanyproposedcorporategovernancereformsisincreasedtransparency.Thisgoalhasbeenrelativelyuncontroversia
2、l,asmostobserversbelieveincreasedtransparencytobeunambiguouslygood.Wearguethat,fromacorporategovernanceperspective,therearelikelytobebothcostsandbenefitstoincreasedtransparency,leadingtoanoptimumlevelbeyondwhichincreasingtransparencylowersprofits.Thisresu
3、ltholdsevenwhenthereisnodirectcostofincreasingtransparencyandnoissueofrevealinginformationtoregulatorsorproduct-marketrivals.Weshowthatreformsthatseektoincreasetransparencycanreducefirmprofits,raiseexecutivecompensation,andinefficientlyincreasetherateofCE
4、Oturnover.Wefurtherconsiderthepossibilitythatexecutiveswilltakeactionstodistortinformation.Weshowthatexecutivescouldhaveincentives,duetocareerconcerns,toincreasetransparencyandthatincreasesinpenaltiesfordistortinginformationcanbeprofitreducing.2Introducti
5、onsInresponsetorecentcorporategovernancescandals,governmentshaverespondedbyadoptedanumberofregulatorychanges.Onecomponentofthesechangeshasbeenincreaseddisclosurerequirements.Forexample,Sarbanes-Oxley(sox),adoptedinresponsetoEnron,WorldCom,andotherpublicgo
6、vernancefailures,requireddetailedreportingofoff-balancesheetfinancingandspecialpurposeentities.Additionally,soxincreasedthepenaltiestoexecutivesformisreporting.Thelinkbetweengovernanceandtransparencyisclearinthepublic’s(andregulators’)perceptions;transpar
7、encywasincreasedforthepurposeofimprovinggovernance.Yet,mostacademicdiscussionsabouttransparencyhavenothingtodowithcorporategovernance.Themostcommonlydiscussedbenefitoftransparencyisthatitreducesasymmetricinformation,andhencelowersthecostoftradingthefirm’s
8、securitiesandthefirm’scostofcapital.Tooffsetthisbenefit,commentatorstypicallyfocusonthedirectcostsofdisclosure,aswellasthecompetitivecostsarisingbecausethedisclosureprovidespotentiallyusefulinformationtoproduct-mark
