本研究使用臺灣經濟新報（TEJ）資料庫，探討臺灣股票市場在 2008 年至2019 年期間，股價訊息性與公司總要素生產力的相關性。 我們利用股價非同步性衡量股價訊息性，發現在臺灣股票市場中，股價訊息性對於公司總要素生產力呈現顯著負面影響。同時，我們亦發現當公司面臨共同基金贖回壓力時，股價訊息性的下降會使董事會更加重視 Tobin’s Q 衡量總經理績效，決定總經理續任或離職。;In this paper, we investigate whether the stock price informativeness affect the total factor productivity by using the Taiwan listed companies’ data from 2008 to 2019. Use the stock price nonsynchronicity to measure stock price informativeness. We find that lower stock price informativeness is associated with higher total factor productivity. We use mutual fund flow pressure as an exogenous shock to price informativeness and find that a decrease in price informativeness leads to higher productivity.
