关键词: 卖空机制, 全要素生产率增长, 随机前沿分析

Abstract: To promote the growth of TFP in firms is crucial to realizing the high-quality development of China’s economy. Based on the theory of “information gain effect” and “pressure loss effect” of short-selling mechanism,we use the method of DID to explore how short selling affects the growth of TFP. The results show that short selling significantly promotes the growth of TFP.To be specific, technology change,technical efficiency change,scale efficiency change and allocation efficiency change are significantly improved after shortselling deregulation. That promotion effect is mainly ascribed to unblocking information transmission, optimizing resource allocation and improving corporate governance.Furthermore, the promotion effect of short selling on TFP growth is higher in the private firms than that in the state-owned firms.This paper consolidates the integration of micro-finance and macro-economic growth, and provides micro empirical evidence for the capital market reform fueling the strategy of high-quality economic development.

Key words: Short Selling, Growth of TFP, Stochastic Frontier Analysis