企业信息透明度对全要素生产率的影响研究  

The Impact of Corporate Information Transparency on Total Factor Productivity

作　　者：姚德权 封孟君 马芳琳 戴鹏毅 YAO Dequan;FENG Mengjun;MA Fanglin;DAI Pengyi(College of Finance and Statistics,Hunan University,Changsha,Hunan 410079,China;School of Mathematics and Statistics,Hunan Normal University,Changsha,Hunan 410081,China;Business School,Hunan University,Changsha,Hunan 410082,China)

机构地区：[1]湖南大学金融与统计学院,湖南长沙410079 [2]湖南师范大学数学与统计学院,湖南长沙410081 [3]湖南大学工商管理学院,湖南长沙410082

出　　处：《财经理论与实践》2025年第2期130-138,共9页The Theory and Practice of Finance and Economics

基　　金：国家资助博士后研究人员计划(GZC20230771);国家社会科学基金重点项目(17AXW005)。

摘　　要：依据2011—2022年中国A股上市公司数据,考量企业信息透明度对全要素生产率的影响。结果显示:企业信息透明度与全要素生产率之间呈显著正相关性。较高的信息透明度有助于企业降低信息不对称成本,优化资源配置,提高生产效率,带动全要素生产率提升。信息透明度的提升主要通过增加股价信息含量、缓解融资约束和提高客户稳定度,提升企业全要素生产率,且国际化、市场化和法治化程度越高,提升作用更明显。鉴于此,需创新企业信息披露机制,完善信息披露标准,增强信息披露时效性,加大市场监管和违规惩戒力度,提升全要素生产率。Based on data from A-share listed companies in China from 2011 to 2022,this study examines the impact of corporate information transparency on total factor productivity(TFP).The results show a significant positive correlation between corporate information transparency and TFP.Higher levels of information transparency help companies reduce information asymmetry costs,optimize resource allocation,and improve production efficiency,thereby driving TFP growth.Enhancing corporate information transparency boosts TFP by increasing stock price information content,alleviating financing constraints,and improving customer stability.Additionally,the impact is more pronounced in markets with higher levels of internationalization,marketization,and rule of law.In light of these findings,it is necessary to innovate corporate disclosure mechanisms,refine information quality standards,strengthen real-time disclosure capabilities,improve market supervision,and enforce stricter penalties for violations to promote TFP growth.

关 键 词：信息透明度 全要素生产率 信息反馈 信息含量 

分 类 号：F275[经济管理—企业管理] F49[经济管理—国民经济] F832.51