We examine whether the quality of firms' internal information systems influences the relation between inflation shocks and corporate investment, as posited by imperfect information models. Inconsistent with RBC models’ prediction that nominal variables (e.g., inflation) do not affect real variables (e.g., corporate investment) but consistent with the presence of information frictions, we first document a positive relation between inflation shocks and firm-level investment. Next, we show that higher internal information system quality, measured through responses to the World Management Survey, mitigates the positive relation between inflation shocks and firm-level investment. This result suggests that internal information quality serves as a channel through which aggregate-level nominal variables affect firm-level real variables. We then document that firms with higher internal information system quality make relatively more efficient investment decisions following inflation shocks. Our inferences are robust to using the 8th EU Company Law Directive as a shock to internal information system quality and to several additional tests.

我们研究了企业内部信息系统的质量是否会影响通货膨胀冲击与企业投资之间的关系，正如不完善信息模型所假设的那样。与 RBC 模型预测名义变量（例如通货膨胀）不影响实际变量（例如企业投资）的预测不一致，但与信息摩擦的存在一致，我们首先记录了通货膨胀冲击与企业层面投资之间的正相关关系。接下来，我们表明，通过对世界管理调查的反应来衡量，较高的内部信息系统质量可以减轻通货膨胀冲击与公司层面投资之间的正相关关系。这一结果表明，内部信息质量是总量层面名义变量影响企业层面实际变量的渠道。然后我们记录了内部信息系统质量较高的公司在通胀冲击后做出相对更有效的投资决策。我们的推论对于使用第 8 条欧盟公司法指令作为对内部信息系统质量和多项附加测试的冲击是稳健的。