Study On The Impact Of Stock Price Informativeness On Total Factor Productivity Of Listed Companies

The reports of the 1 9th National Congress of the Communist Party of China clearly proposed that we should promote the change o f economic development in quality,efficiency and power,and improve total factor productivity(TFP)with great efforts,which means that the improvement of total factor productivity is the basis of building China's long-term sustainable development pattern.However,in addition to relying on government policy support,the improvement of total factor productivity requires enterprises to actively adapt to the economic development enyironment,and strive to improve their own total factor productivity in order to promote the overall factor productivity level of the economy.Most of the existing researches about total factor productivity are from a macro perspective.In the study of the factors affecting TFP,more attention is paid to the technical input factors within the enterprise,while ignoring the impact of financial m arket on the total factor productivity level of enterprises.This paper starts from the perspective of stock price information(PSI)in financial market,and studies its influence mec.hanism on the total factor productivity of listed companies in manufacturing.This paper firstly reviews the literature of stock price informativeness and total factor productivity,and establishes a theoretical analysis framework of stock price informativeness and total factor productivity on the basis of effective market hypothesis,signal transmission theory,financial constraints and information asymmetry.Besides,this paper takes the A-share manufacturing listed companies between 2003-201 7 in main board and SME board of Shanghai and Shenzhen Stock Exchange as research samples,using panel fixed effect regression,binary Logit model regression and generalized methods of moments and other empirical research methods to investigate the specific mechanism of stock price informativeness on total factor productivity.Through the analysis,this paper has gained the following results:First,the direct effect of stock price informativeness on total factor productivity is significantly positive.Second,the increase in the proportion of fixed assets within the company will reduce the sensitivity of total factor productivity to stock price informativenes?.Third,compared with non-state-owned listed companies,total factor productivity in state-owned listed companies is more sensitive to changes in stock price informativeness.Fourth,when financing constraints is used as a mediator variable,the mediating effect of stock price informativeness on total factor productivity is significant.The stock price informativeness will promote the improvement of the total factor productivity level by reducing the degree of financing constraints faced by listed companies.This paper not only enriches the research literature on stock price informativeness,but also expands the research field of total factor productivity,effectively linking financial markets with the real economy.The research confirms that the information in the financial market does have an impact on the operation and development of the real economy.Therefore,in order to ensure the stable operation of the real economy,the government should continue to improve financial market supervision and construct related systems.