| As an indispensable part of the financial market,the stock market can not only carry out equity financing,but also transmit information by generating stock prices.Stock prices are generated by investors with different information in the market through trading,so the stock price will contain the private information of these traders.Corporate managers can use the external information contained in the stock price as a reference for decision-making such as corporate investment,thus affecting the behavior of listed companies.This function is called the feedback effect of the stock market on the real economy.At present,the research on this feedback effect has a certain scale,but these studies mainly focus on the impact of stock price informativeness on the investment behavior and investment efficiency of enterprises.Few articles have studied the impact of stock price informativeness on the productivity of enterprises.On the other hand,although the economic and financial determinants of enterprise productivity have been studied from various aspects in the literature,so far only Bennett et al.(2017)has studied the impact of stock price informativeness on enterprise productivity based on US market data.More regrettably,looking at the existing research of domestic and foreign scholars,taking the emerging markets as the research object,it is still blank to study the stock price informativenes on the productivity of enterprise.In fact,in emerging markets represented by China,there are many problems,such as low efficiency of financial market,imperfect trading mechanism and low informativeness of stock price.In addition,because the corporate governance environment in emerging economies is still quite different from that in developed countries,the environment and motivation for managers to "learn" stock price information are also different.Therefore,it is a pioneering and practical work to study the feedback effect of stock price informativeness on enterprise productivity and how this relationship is affected by various factors from the perspective of Chinese market.By studying the impact of stock price informativeness on total factor productivity of Chinese listed companies,this paper fills in the blank of domestic research in this field.In addition,from the perspective of internal and external factors as well as dynamic development of listed companies,this paper studies in detail the impact of managerial ownership,debt and financing constraints and enterprise life cycle on productivity-information sensitivity.We hope that the relevant results of this paper can play an initiative role for the follow-up research in this field.This paper mainly includes four parts.The first part includes the introduction of Chapter 1 and the literature review of Chapter 2.The introduction generally introduces the research background,content,significance and innovation of this paper.The literature review reviews the economic and financial determinants of TFP and the related literature on the impact of stock price information on the activities of listed companies.On the one hand,the managers of listed companies can learn new private information from the stock price,which can provide reference for the relevant decision-making and behavior of the company.On the other hand,stock price information helps to strengthen the supervision of managers,alleviate agency problems and improve internal operating efficiency.In addition,the higher the stock price information content,often means higher corporate transparency,thus reducing the financing cost of the company.On this basis,the second part empirically tests whether the stock price informativeness of Listed Companies in China A-share market can have a feedback effect on their total factor productivity.In Chapter 3,we use manufacturing listed companies in China A-share market from 2007 to 2017 as samples to empirically study the relationship between stock price informativeness and total factor productivity.Firstly,this paper estimates the total factor productivity(TFP)of listed companies using fixed effect,LP and ACF methods,and uses the nonsynchronicity of stock prices as a measure of the informativeness of stock prices.This paper finds that no matter which method is used to estimate TFP,the higher the stock price informativeness,the higher the TFP of listed companies,and the stock price informativeness can significantly promote TFP.Secondly,this conclusion remains unchanged when we use the Shanghai and Shenzhen 300 index component stocks as another measure of stock price information.In addition,this paper also finds that the promotion of stock price information content on TFP can be achieved not only by increasing the income of listed companies,but also by reducing the operating costs and costs of listed companies.Finally,in the robustness test,we use turnover rate as the substitute proxy of stock price informationt,ROA and ROE as the substitute proxy of TFP,and use the perpetual inventory method to re-estimate TFP.The conclusion remains unchanged.This shows that the conclusion of this paper is robust,that is,the stock price information of A-share market can significantly improve the total factor productivity of listed companies,which plays an important role in the sustainable development of listed manufacturing companies.On the basis of the second part,this paper calls the impact of stock price information on TFP of listed companies as productivity-information sensitivity.The core channel for stock price information to influence total factor productivity is that managers of listed companies can "learn" the information in stock price and guide their behavior decision-making.Therefore,in the third part,from the perspective of internal and external factors that inspire or restrict the managers,as well as the life cycle of the enterprise,we study in detail the management's ownership,debt and financing constraints,as well as the impact of the life cycle of the enterprise on the productivity-information sensitivity of listed companies.In Chapter 4,this paper first explores the influence of the internal factor of managerial ownership on the productivity-information sensitivity of listed companies.It is found that the increase of managerial ownership will significantly reduce the productivity-information sensitivity of listed companies.This is because when the managers' share-holding ratio is high,it is often difficult for external supervision and restraint to control its interest-occupying behavior,and Entrench Effect plays a leading role.At this time,the management will have stronger willingness and ability to realize its own interests,so the willingness of manager tolearn and use stock market information to improve the company's production efficiency and value will be reduced,thus reducing the Feedback Effect of stock price information on TFP.In addition,this paper further examines how managerial ownership reduces productivity-information sensitivity.We find that the increase of managerial ownership of listed companies has a significant negtive effect on the productivity-information sensitivity of low agency cost companies,but not on high agency cost companies.This shows that the increase of managerial ownership increases the agency cost of enterprises,and then reduces the productivity-information sensitivity.Finally,this paper further divides the proportion of managerial ownership into director ownership,executive ownership and supervisory ownership.The results of grouping regression show that the productivity-information sensitivity of the low-shareholding group is significantly higher than that of the high-shareholding group for the proportion of directors and executives.However,the grouping regression results of supervisor shareholding ratio show that there is no significant difference in productivity-information sensitivity between high and low shareholding ratio groups.This indicates that the inhibitory effect of managerial ownership on productivity-information sensitivity is more from directors' and executives' ownership than from supervisors' ownership.In Chapter 5,this paper studies the impact of external debt and external financing constraints on the productivity-information sensitivity of listed companies.It is found that the increase of debt level will increase productivity-information sensitivity.Whether using asset-liability ratio,or excess asset-liability ratio,or using financial liability ratio and excess financial liability ratio without considering operating liabilities as the measurement of debt level,this conclusion is consistent.In addition,this paper also finds that the higher the external financing constraints,the higher the productivity-information sensitivity of listed companies.Whether KZ index is used as a measure of financing constraints or cash flow-liability ratio is used as a measure of financing constraints,this conclusion remains unchanged.Debt constraints and financing constraints will bring considerable operating pressure and constraints to the managers of listed companies.When the debt level is relatively high,managers need to face greater cash flow constraints and debt liquidation threats,thus generating debt governance effects.When the financing constraints are large,because the enterprise can not obtain external funds,it will also exert pressure and constraints on the managers.As an important external information resource,stock price information will be used more actively to guide the managerail behavior and improve the efficiency of the internal operation of enterprises,so as to relieve the pressure as soon as possible when the manager is under great pressure.In Chapter 6,this paper examines the relationship between stock price information and TFP in different stages of enterprise development from the perspective of enterprise dynamic development.This paper divides listed companies into growth period,maturity period and recession period according to cash flow symbol portfolio standard,and carries out grouping regression.Regression results show that stock price information content can promote TFP of Listed Companies in the growth and mature period,but has no significant effect on TFP of Listed Companies in the recession period.This conclusion remains unchanged after this paper re-divides the life cycle of listed companies by using the ratio of retained earnings.Compared with the listed companies in the recession period,the principal-agent problem of the growth and maturity enterprises is weaker,and the willingness of the management to learn stock price information is stronger.At the same time,the growth and maturity enterprises have more resources to utilize and implement the information of the stock market,that is,the execution ability of the manager is stronger.Therefore,the stock price information of Listed Companies in growth and maturity period can significantly promote the total factor productivity.In the recession period,stock market information is difficult to have a substantial impact on enterprise productivity.The fourth part is the conclusion and suggestion of this paper.In this part,we summarize the relevant results of this paper,and gives relevant policy advices.At the same time,we also discuss the shortcomings and the future research direction of this paper.The main contributions of this paper include the following three points: Firstly,by studying the relationship between stock price information and total factor productivity of Listed Companies in China,this paper conducts a study for the first time in emerging economies.Secondly,this paper further supplements and enriches the relevant research on managers "learning" stock price information.Finally,the research on the influencing factors of productivity-information sensitivity will help us further deepen the research on corporate governance,capital structure,financing constraints and enterprise life cycle. |
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