股票市场对上市公司生产能力的促进作用——基于股票市场信息效率视角

The Role of the Stock Market in Promoting the Production Capacity of Listed Companies—Based on the Perspective of Stock Market Information Efficiency

摘要: 本文选取了2011~2020年A股上市公司的数据作为研究样本，研究股票市场信息效率对全要生产率的影响情况，主要变量使用LP法与GMM法计算得到的全要素生产率TFP以及股价不同步性。通过实证本文发现：股票市场信息效率的提升可以促进上市公司的全要素生产率，并且代理成本可以在其中起到中介作用，股票市场信息效率的提高可以减少代理成本进而提高上市公司全要素生产率。后续本文围绕现金比例展开了异质性分析，发现现金比例较低的上市公司中，股票市场信息效率对于全要素生产率的促进效果较强。

Abstract: This paper selects the data of A-share listed companies from 2011 to 2020 as a research sample to study the influence of stock market information efficiency on total productivity, and the TFP of total factor productivity and stock price asynchrony calculated by LP method and GMM method for the main variables. Through empirical evidence, this paper finds that the improvement of stock market information efficiency can promote the total factor productivity of listed companies, and agency costs can play an intermediary role, and the improvement of stock market information efficiency can reduce agency costs and thus improve the total factor productivity of listed companies. Subsequently, this paper carried out a heterogeneity analysis around the cash ratio, and found that among the listed companies with a low cash ratio, the stock market information efficiency has a stronger promotion effect on total factor productivity.