Stock Price Information Content and Enterprise Total Factor Productivity:"Synergies"or"constraints"?
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.
NETL
NSTL
万方数据
