Analysis Of The Influence Of Information Efficiency Of Stock Market On The Production Efficiency Of Listed Companies

Since the reform and opening up,China’s real economy has been growing all the way,as the world’s second largest economy,China’s GDP in 2021 is 1.144 million yuan,but due to the fading of advantages such as demographic dividend,China’s economic development growth rate has gradually slowed down,with the release of the report of the 19 th National Congress,the high-quality development of enterprises has been highly valued.Since its establishment,the stock market has received extensive attention from investors,and listed companies can obtain funds to help their own development in the stock market,and investors can benefit from investment in the stock market.With the continuous development of the stock market,information is more and more valued by investors,in the context of the high-quality development of enterprises,whether investors can make good use of the information in the stock market,while benefiting from investment,to help the high-quality development of listed companies has become a problem worth studying.First of all,this paper reviews the existing literature and finds that in the past,scholars mainly focused on the influencing factors of stock market information efficiency and listed company production efficiency,and there were few related studies between the two.Based on this,this paper focuses on the impact of stock market information on the production efficiency of listed companies,hoping to enrich the relevant theories.Secondly,this paper uses efficient market theory,information asymmetry theory,entrusted agent theory and noise trading theory to analyze the promotion effect of stock market information efficiency on the production efficiency of listed companies,and analyzes the adjustment and analysis of cash holding ratio and marketization degree,and analyzes its transmission mechanism from three perspectives: agency cost,enterprise transparency and regional economic growth potential.At the same time,this paper analyzes information efficiency and production efficiency,which provides effective support for theoretical analysis.Subsequently,this paper is empirically tested.In terms of index selection,this paper uses stock price asynchronicity and total factor productivity to measure information efficiency and production efficiency,regulation and intermediary indicators,the degree of marketization refers to the marketization degree index calculated by Wang Xiaolu,the agency cost selects the total asset turnover rate,enterprise transparency constructs the Trans index,and the regional economic growth potential uses the main component to construct a comprehensive index.The empirical results show that the efficiency of stock market information has a significant impact on the production efficiency of listed companies.In the moderating effect test,this paper finds that listed companies with a low cash ratio and a low degree of marketization in the place have a stronger effect on information efficiency on production efficiency.In the intermediary effect examination,this paper finds that stock information efficiency can improve the production efficiency of listed companies by alleviating agency costs,improving corporate transparency,and stimulating regional economic development potential.Finally,based on the above empirical results,this paper summarizes the relevant conclusions,and puts forward relevant policy suggestions around the government and listed companies,hoping that the relevant theories of stock market information efficiency can be further developed in the future.