股价信息含量影响企业全要素生产率吗?——基于中国上市公司的经验证据

Does the Information Content of Stock Price Affect the Total Factor Productivity of Enterprises?Empirical Evidence Based on Chinese Listed Companies

在我国产业结构升级和资本市场改革的关键时期,如何提高企业生产效率、如何深化资本市场改革使其更好地服务实体经济是当前我国经济跨越式发展亟需解决的问题。本文以2007—2020年沪深A股主板上市公司为研究样本,研究股价信息含量对企业全要素生产率的影响和作用机制。研究发现:(1)股价信息含量能够显著促进企业全要素生产率的提升;(2)股价信息含量对全要素生产率的提升依赖于技术创新和内部控制两种渠道;(3)融资约束能够发挥对二者关系的调节作用;(4)异质性分析发现,提升作用在非国有企业、股权激励程度较大、外部监督水平较高的企业中更为显著。本文拓宽了股价信息传递的相关研究,对股价信息含量影响全要素生产率的内在机制和异质性进行了必要补充,并为健全资本市场功能和提高实体企业生产效率提供政策建议。

In the critical period of China's industrial structure upgrading and capital market reform,how to improve the production efficiency of enterprises and how to deepen the capital market reform to better serve the real economy are the urgent problems to be solved in the current leapfrog development of China's economy.This paper takes the listed companies in the main board of Shanghai and Shenzhen A‐shares from 2007 to 2020 as the research sample to study the impact and mechanism of stock price information content on total factor productivity of enterprises.The research finds that:(1)the information content of stock price can significantly promote the total factor productivity of enterprises;(2)The improvement of stock price information content on total factor productivity depends on technical innovation and internal control;(3)Financing constraints can play a role in regulating the relationship between the two;(4)Heterogeneity analysis found that the promotion effect is more significant in non‐state‐owned enterprises,enterprises with greater equity incentives and higher external supervision level.This paper broadens the relevant research on the transmission of stock price information,complements the internal mechanism and heterogeneity of the impact of stock price information quality on total factor productivity,and provides policy suggestions for improving the function of capital market and improving the production efficiency of real enterprises.