关键词: 交易所网络平台互动, 企业全要素生产率, 股价信息含量, 公司治理

Abstract: Improving total factor productivity of enterprises is crucial for their high-quality development. By making use of the interaction data between investors and listed companies on the two online platforms of Shenzhen Stock Exchange's“Easy Interaction”and Shanghai Stock Exchange's “e-Interaction”from 2010 to 2019, this paper conducts an empirical test. The findings show that the level and quality of online interaction between investors and listed companies through the network platforms of stock exchanges significantly and positively correlate with total factor productivity of enterprises. The result of mechanism tests indicates that the interaction on the network platforms enhances total factor productivity of enterprises mainly by the two means of increasing the information content in stock prices and improving corporate governance. Therefore, it is suggested that the medium and small investors should actively and rationally participate in the interactions on the network platforms of the exchanges, that listed companies should effectively improve the level and quality of interactions, and that regulatory authorities should strengthen their supervision on the network platforms, so as to realize the improvement of the total factor productivity of enterprises.

Key words: online platform interaction of exchanges, enterprise total factor productivity, stock price information content, corporate governance