股价信息含量与企业全要素生产率:"协同增效"抑或"掣肘减效"?
Stock Price Information Content and Enterprise Total Factor Productivity:"Synergies"or"constraints"?
王超 1宋明勇2
作者信息
- 1. 东北财经大学国际经济贸易学院
- 2. 中国农业银行博士后科研工作站;中国人民大学财政金融学院
- 折叠
摘要
本文使用2008～2020年中国A股上市公司数据,考察股价信息含量对企业全要素生产率的影响及其机制.研究发现,市场交易所产生的股价信息可以提高企业全要素生产率.机制检验表明,股价信息含量对企业全要素生产率的促进效应通过提升投资效率、缓解融资约束两条路径实现,且主要作用于企业的发展性决策和运营成本.异质性分析发现,在两权分离度高、市场风险大、高管持股比例低以及现金流紧张的企业中,股价信息含量对企业全要素生产率的提升效果更加明显.
Abstract
This paper uses data on Chinese A-share listed companies from 2008 to 2020 to examine the impact of stock price in-formation content on firms'total factor productivity and its mechanism.It is found that share price information generated by mar-ket exchanges can increase firms'total factor productivity.The mechanism test shows that the promotion effect of stock price in-formation content on firms'total factor productivity is realized through two paths:enhancing investment efficiency and alleviat-ing financing constraints,and it mainly acts on firms'developmental decisions and operating costs.Heterogeneity analysis re-veals that the effect of stock price information content on enterprise total factor productivity is more obvious in enterprises with a high degree of separation of powers,high market risk,low executive shareholding ratio,and cash flow constraints.
关键词
股价信息含量/全要素生产率/投资效率/融资约束Key words
Stock price informativeness/Total factor productivity/Investment efficiency/Financing constraints引用本文复制引用
出版年
2024
NETL
NSTL
万方数据