交易所网络平台互动能提高企业全要素生产率吗

Can Online Platform Interaction of Exchanges Improve Total Factor Productivity of Enterprises?

企业高质量发展的一大关键是企业全要素生产率的提升。利用2010-2019年深圳交易所“互动易”和上海交易所“上证e互动”两大网络平台上投资者与上市公司的互动数据,实证检验后发现,投资者与上市公司双方通过交易所网络平台进行互动的水平和质量与企业全要素生产率显著正相关。机制检验表明,交易所网络平台互动主要通过提高股价信息含量、改善公司治理两条路径提升企业全要素生产率。因此,建议中小投资者积极而理性地参与交易所网络平台互动,上市公司有效提升互动水平和互动质量,监管当局则应强化对交易所网络平台的监管,从而实现企业全要素生产率的提升。

Improving total factor productivity of enterprises is crucial for their high-quality development.By making use of the interaction data between investors and listed companies on the two online platforms of Shenzhen Stock Exchange’s“Easy Interaction”and Shanghai Stock Exchange’s“e-Interaction”from 2010 to 2019,this paper conducts an empirical test.The findings show that the level and quality of online interaction between investors and listed companies through the network platforms of stock exchanges significantly and positively correlate with total factor productivity of en-terprises.The result of mechanism tests indicates that the interaction on the network platforms enhances total factor productivity of enterprises mainly by the two means of increasing the information content in stock prices and improving corporate governance.Therefore,it is suggested that the medium and small investors should actively and rationally participate in the interactions on the network platforms of the exchanges,that listed companies should effectively improve the level and quality of interactions,and that regulatory authorities should strengthen their supervision on the network platforms,so as to realize the improvement of the total factor productivity of enterprises.