Research On Capital Market Pricing Efficiency,Enterprise Direct Financing Structure And Total Factor Productivity Improvement

At present,China's economy is moving from a stage of rapid growth to a stage of highquality development.In a higher stage of development,increasing total factor productivity will be the core driving force for economic growth.In view of China's economic development process,in the thirty-odd years after reform and opening up,China's economy has gone through a stage of rapid economic growth.In contrast,China's total factor productivity growth appears to be very slow,and contribution of total factor productivity is low.The enterprise is the core unit of economic development.The improvement of technological progress and the increase of total factor productivity of the society as a whole need to be implemented in the actual activities of the enterprise,especially by relying on the increase of R&D investment by the enterprise.At present,the level of R&D investment of Chinese enterprises is relatively low.There are certainly many reasons.However,the imperfect development of the capital market and the constraints of corporate innovation financing are the key reasons that restrict corporate R&D investment and technological innovation.Based on the above background,this article mainly studies the relationship between capital market pricing efficiency,corporate direct financing structure,and corporate total factor productivity improvement from the perspective of a combination of theoretical analysis and empirical analysis.Demonstrates the relationship between the two quantifiable key factors that determine the pricing efficiency of the capital market-stock price information content,market liquidity,and the company's total factor productivity.Through an empirical analysis of the relationship between the direct financing structure and the company's total factor productivity,it demonstrates the company's direct financing The key variable of structure plays an important role in the increase of the information content of the stock price of the capital market and the improvement of market liquidity to promote the improvement of the total factor productivity of enterprises.The research in this article reveals the internal connection between capital market efficiency and economic growth efficiency,and provides new research ideas for previous studies on capital market development promoting economic growth;at the same time,it is conducive to further exploring the micro level of the direct financing structure of the company's capital.The mechanism of action in market development and economic development enriches the research framework of corporate financing structure,and provides an empirical basis for exploring the development path of "improving capital market pricing efficiency,optimizing corporate direct financing structure to enhance total factor productivity".In the context of financial supply-side reforms,the research in this article will also help to discover the shortcomings of the financial supply-side that restrict the increase in the total factor productivity of Chinese enterprises.For the next step,this article will also help to focus on improving the efficiency of capital market pricing and optimizing the direct financing structure of enterprises.This article will also help to provides empirical evidence of deepening financial supply-side reforms.The research ideas and logical sequence of this article are: on the basis of a theoretical review of the existing research literature,first,three mechanisms are theoretically demonstrated:First,the mechanism of increasing R&D investment by enterprises to effectively improve total factor productivity The second is the mechanism by which the optimization of the direct financing structure of enterprises is conducive to promoting enterprises to increase R&D investment and thus the total factor productivity;the third is the mechanism by which capital market pricing efficiency can improve the direct financing structure of enterprises and thus the total factor productivity.And put forward the corresponding hypothesis based on the theoretical mechanism.Secondly,based on theoretical assumptions,this paper uses the financial data and historical transaction data of the Shanghai and Shenzhen A-share manufacturing listed companies from 2010 to 2019,and mainly uses fixed-effect panel regression,instrumental variable regression analysis,and dynamic panel data system GMM The regression method is an empirical analysis,which specifically includes the following four parts: First,on the basis of theoretical mechanism analysis,starting with two quantifiable key elements that determine the pricing efficiency of the capital market,the information content of the stock price and the market are given.An empirical test result between liquidity and firm's total factor productivity.Second,it empirically analyzes the effect of the direct financing structure on the total factor productivity of enterprises,and tests the conclusion that the direct financing structure of enterprises is an important factor affecting the total factor productivity of enterprises.Third,it empirically analyzes the impact of the stock price information content and market liquidity in the pricing efficiency of the capital market on the direct financing structure of enterprises.Fourth,combine the empirical analysis of the previous three aspects to test the role of direct financing structure,a key element in the capital market's pricing efficiency,in the improvement of total factor productivity.Finally,based on the results of theoretical analysis and empirical testing,this paper provides a summary analysis of the contribution of capital market pricing efficiency and optimized financing structure to economic efficiency,and puts forward suggestions for further improving capital market pricing efficiency and optimizing corporate financing structure.Through the above research,the main research conclusions obtained in this article are as follows: First,there is a positive correlation between the increase of stock price information content,the improvement of market liquidity and the total factor productivity of enterprises.Combining the adjustment effect of the macro environment and the industry competition environment,it is found that in the environment of loose monetary policy,the positive promotion effect of the increase of the stock price information content on the total factor productivity of enterprises is strengthened;as the degree of industry competition increases,the quality of stock price information improves and the market The improvement of liquidity has strengthened the positive promotion effect of enterprises' total factor productivity.Second,the increase in the proportion of corporate equity financing and bond financing can increase R&D investment and improve the level of corporate total factor productivity.From the perspective of heterogeneity analysis at the micro level,from the perspective of management's shareholding ratio,among the samples with higher management shareholding,the increase in the proportion of direct financing has a stronger effect on the improvement of corporate total factor productivity.Analyzed from the perspective of enterprise ownership,the increase in the proportion of bond financing has a greater role in promoting the total factor productivity of non-state-owned enterprises.Third,the increase in the information content of stock prices and the improvement of market liquidity can promote the increase in the proportion of corporate equity financing and bond financing.From the perspective of management's shareholding ratio,the higher the management's shareholding,the better the quality of stock price information will promote the improvement of direct financing structure;the liquidity of the stock market has a more significant effect on the increase of the share of corporate equity financing.From the perspective of corporate ownership,the improvement of the quality of stock price information has a stronger positive role in promoting the proportion of non-state-owned enterprise bond financing.As non-state-owned enterprises improve market liquidity,their direct financing structure has improved significantly.Fourth,the key variable of the direct financing structure of enterprises has played an important role in the impact of capital market pricing efficiency on the improvement of total factor productivity.The increase in the information content of stock prices and the improvement of market liquidity can promote the improvement of enterprise total factor productivity by optimizing the direct financing structure of enterprises.The innovation of this paper is that,first of all,unlike previous literature,it focuses on the impact of capital market pricing efficiency on corporate financing constraints and investment behavior.This paper examines the relationship between the improvement of capital market pricing efficiency and the improvement of corporate total factor productivity,revealing The internal link between capital market efficiency and economic growth efficiency provides new evidence that improving capital market efficiency can promote economic growth;secondly,it explores the impact of corporate financing structure on total factor productivity,and demonstrates that optimizing direct financing structure is beneficial The mechanism that promotes enterprises to increase R&D investment to improve total factor productivity,enriches the research framework of corporate financing structure theory,and improves the theoretical mechanism analysis of capital market pricing efficiency and total factor productivity improvement;third,it clarifies the improvement of capital market pricing efficiency The contribution to the optimization of the direct financing structure of enterprises and the improvement of total factor productivity proves that the increase in the information content of stock prices and the improvement of market liquidity can promote the increase in the proportion of corporate equity financing and bond financing,thereby enhancing the mechanism of total factor productivity.The development path of improving capital market pricing efficiency and optimizing the direct financing structure of enterprises to enhance total factor productivity provides empirical evidence.In the context of financial supply-side reforms,the research in this article will help solve the financial supply-side shortcomings that restrict the improvement of enterprise total factor productivity,and focus on improving the capital market pricing efficiency and optimizing the direct financing structure of enterprises as the starting point for deepening the reform of the financial supply side.