【摘要】 提高企业生产效率是提升经济发展质量的核心动力,如何增强资源分配能力,提升投入产出效率,是目前我国经济转型期亟需解决的问题。本文以2000—2019年A股上市企业为样本,研究股票流动性对企业生产效率的影响和作用机制。研究结果表明:股票流动性有助于提高企业的资源分配能力,这主要是源于管理者学习和信息传递效应,高流动性的股票提高了企业特质信息含量,为管理者明确市场对企业的评价并改进生产决策提供依据。融资约束和代理冲突严重的企业更依靠股票流动性带来的信息参考和信息反馈作用,因此,股票流动性对企业全要素生产率的提升效果更显著。与国有、低杠杆的企业相比,股票流动性更能够促进非国有、高杠杆的企业提高投入产出效率。本文研究诠释了股票市场不仅仅是资金供给者,还作为信息提供者提高了企业的生产效率,也为金融体系如何更好地服务实体经济打开了新的思路。更多还原

【Abstract】 China has turned to the stage of high-quality development.How to improve the overall economic efficiency is the key issue for future development.Enterprise production efficiency is an important factor affecting economic development.As the micro main body of economic development, the efficient development of enterprises essentially needs to be realized through the efficient development of enterprises, and the efficient development of enterprises needs the support of sustained growth of total factor productivity.Improving total factor productivity is the core driving force to improve the efficiency of economic development.Therefore, how to enhance resource allocation capacity and improve input-output efficiency is the key issue in China’s economic transition period.The production efficiency of enterprises is affected by many factors.On the one hand, the input ratio of labor and capital will have the most direct impact on the productivity of enterprises.Reasonable resource allocation can effectively improve the marginal income of enterprises, and capital mismatch will make the production efficiency of enterprises low.Therefore, management decision-making plays an important role in the production process of enterprises, and high-quality decision-making can greatly improve the production efficiency of enterprises.On the other hand, policy support will also help enterprises improve input-output efficiency.For example, preferential tax policies can reduce enterprise costs, and innovation support policies can greatly reduce enterprise R & D input costs and innovation risks, which is very helpful to improve the long-term production efficiency of enterprises.If the manager can reasonably plan the future production and operation direction of the enterprise according to the existing policies, it can effectively help the enterprise improve the long-term operation quality.Managers’ decision-making plays an important role in enterprise production efficiency.More and more research results show that the decision-making value brought by effective information can be converted into the actual economic benefits of enterprises, but the existing literature does not explore whether the stock market can help enterprises improve production efficiency, especially whether managers can learn useful information from the stock market to make better production decisions remains to be discussed, If effective information can be mined from the stock market, it can increase the guarantee for managers to make better decisions.The empirical results show that stock liquidity helps to improve the total factor productivity, innovation ability, labor productivity and economic added value of enterprises.It is verified from many aspects that it is conducive to the long-term and stable development of enterprises.Management learning theory plays an important role in it.Through the learning and analysis of liquidity information, managers help enterprises make production and operation decisions, reduce operating costs and labor costs, and promote future development.For enterprises with serious financing constraints and agency conflicts, the information reference and information feedback brought by stock liquidity can better help enterprises improve total factor productivity.For non-state-owned enterprises with great deleveraging pressure, stock liquidity can effectively narrow the gap between them and other enterprises and alleviate the pressure of enterprise development.This paper explains that the stock market is not only a capital supplier, but also an information provider, which not only improves the production efficiency of enterprises, but also opens a new idea for the financial system to better serve the real economy.更多还原