Corporate Transparency and Firm Growth: Evidence from Real Estate Investment Trusts
利用房地产投资信托基金（REITs）的面板数据，研究发现企业透明度越高，公司增长越快，主要因为透明度缓解了外部融资的信息约束，且对股权市场的影响大于债务市场。
Using a panel data set of Real Estate Investment Trusts (REITs), we find corporate transparency to be positively associated with REIT growth. These results suggest that greater transparency facilitates firm growth by relaxing information‐based constraints on external financing. The magnitude of this effect is larger in the equity market than in the debt market. Moreover, the sensitivity of investment to cash flows is decreasing in transparency, evidence that transparency relaxes liquidity constraints. Finally, we find more transparent REITs are less likely to crash.