How Does Financial‐Reporting Regulation Affect Industry‐Wide Resource Allocation?
研究了强制财务报告和审计对行业资源配置的影响，发现报告要求促进资本市场所有权分散和产品市场竞争，但未明确改善资源配置效率，审计要求则因固定成本阻碍小企业进入。
ABSTRACT This paper examines the impact of mandatory reporting and auditing of firms’ financial statements on industry‐wide resource allocation. Using threshold‐induced variation in the share of mandated firms in a given industry, I document that reporting mandates facilitate ownership dispersion in capital markets and spur competition in product markets. I, however, do not find that reporting mandates unambiguously improve the efficiency of industry‐wide resource allocation. With respect to auditing mandates, I find only that they impose a fixed cost on firms, deterring smaller entrants.