编号：E-2025-12-3
题目：Legal Information Transparency and Capital Misallocation: Evidence from China
作者：Yang Jiao, Zhengwen Liu, Xiao Tang
联系方式：Zhengwen Liu, zhengwenliu@pku.edu.cn
摘要：This paper examines how legal transparency affects capital allocation by leveraging regional differences in the implementation of China’s 2014 judicial reform, which mandated public disclosure of court judgment documents. Guided by a theoretical framework linking information frictions to capital misallocation, we empirically show that greater transparency reallocates credit and capital toward firms with initially higher marginal revenue products of capital (MRPK), leading to increased aggregate output. To address various endogeneity concerns, we employ region-by-year fixed effects, triple-difference and instrumental variable approaches, and explore heterogeneity across firm types and industries.
