The Allocation and Monitoring Role of Capital Markets: Theory and International Evidence
基于38个国家的行业数据，论证资本市场通过信息生产和监督发挥治理功能，比资本提供更能提升企业内部资源利用效率，并与生产率提高和实际产出增长正相关。
Abstract Capital markets perform two distinct functions: provision of capital and facilitation of good governance through information production and monitoring. I argue that the governance function has more impact on the efficiency with which resources are utilized within the firm. Based on industry-level data across 38 countries, I present evidence suggesting a positive relation between market-based governance and improvements in industry efficiency. The measures of governance are also positively correlated with productivity improvements and growth in real output. Furthermore, while governance affects efficiency, the capital provision services induce technological change. The evidence underscores the role of capital markets as a conduit of socially valuable governance services as distinct from capital provision.