Econ Papers Daily / 期刊论文
透明度监管的直接与间接效应
Direct and Indirect Effects of Transparency Regulation
摘要
We examine the direct and indirect effects of transparency regulation on economic activity. Using two distinct sources of regulatory variation—the varying extent of financial-reporting requirements and the staggered introduction of electronic business registers in Europe—, we find that direct exposure to transparency regulation tends to hurt focal firms’ economic activity (e.g., production and employment). By contrast, we find that indirect exposure to transparency regulation imposed on other related firms tends to help focal firms’ economic activity. In terms of relative magnitudes, we find that the negative direct and positive indirect effects tend to be of similar size, almost perfectly offsetting each other. Collectively, our evidence suggests that transparency regulation appears to primarily reallocate economic activity from more toward less regulated markets rather than help or hurt aggregate economic activity.
中文摘要
我们考察透明度监管对经济活动的直接与间接效应。利用两种不同的监管变异来源——财务报告要求的程度差异以及欧洲电子商业登记册的分阶段引入——我们发现，直接暴露于透明度监管往往会损害焦点企业的经济活动（例如生产和就业）。相比之下，我们发现，由其他关联企业所承受的透明度监管带来的间接暴露，往往有助于焦点企业的经济活动。就相对规模而言，我们发现负向直接效应与正向间接效应往往大小相近，几乎完全相互抵消。总体而言，我们的证据表明，透明度监管似乎主要将经济活动从监管较强的市场重新配置到监管较弱的市场，而非帮助或损害总体经济活动。