The Role of Capital Markets in Corporate Labor Productivity Improvement: Evidence from Public Transfer of Equity

The Role of Capital Markets in Corporate Labor Productivity Improvement: Evidence from Public Transfer of Equity | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article The Role of Capital Markets in Corporate Labor Productivity Improvement: Evidence from Public Transfer of Equity Dongmin Kong, Mianmian Ji This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7222244/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Based on the national implementation of National Equities Exchange and Quotations, this study explores the impact of public transfer of equity on the labor productivity of micro, small and medium-sized enterprises (MSMEs). Using China-specific data on MSMEs, we find that public transfer of equity is conducive to increasing the labor productivity of MSMEs, and this effect is mainly achieved through improved financing mechanisms and improved management mechanisms. Further analysis shows that the marginal increase in labor productivity of MSMEs from public transfer of equity is stronger in enterprises with lower production inputs and those with poorer labor management, and that the increase in labor productivity from public transfer of equity is conducive to the overall efficiency of MSMEs and market expansion. Our analysis provides a possible reference for the improvement of the emerging capital market system and the development of MSMEs. JEL Classifications: G32; G34; J24. public transfer of equity labor productivity corporate financing corporate governance Full Text Additional Declarations No competing interests reported. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-7222244","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":494180511,"identity":"14b19cfd-ad66-4613-a9d6-a6ca2d512e7a","order_by":0,"name":"Dongmin Kong","email":"","orcid":"","institution":"Huazhong University of Science and Technology","correspondingAuthor":false,"prefix":"","firstName":"Dongmin","middleName":"","lastName":"Kong","suffix":""},{"id":494180512,"identity":"0d0b0d97-78a3-41ba-80e9-40fff045971c","order_by":1,"name":"Mianmian Ji","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAAsklEQVRIiWNgGAWjYFAC5oMPEhhsePj5G4jWwpZs8IEhTUZyxgGitfCYSc5gOGxj0JBApAaDGzlm0jwV53kMGA4wfviYQ5SWtGJrnjO3ecyZG5glZ24jQovk7OSNt3nbbvNYNhxgY+YlTkuCgTRv2zkegwMJRGrhl04xkpzZdoAULfLPgIF8JplHcsbBZuL8wsZzGBiVFXb2/PzNBz98JEYLEmBsIE39KBgFo2AUjALcAADeWTVp8AMBAgAAAABJRU5ErkJggg==","orcid":"","institution":"Zhejiang University of Finance and Economics","correspondingAuthor":true,"prefix":"","firstName":"Mianmian","middleName":"","lastName":"Ji","suffix":""}],"badges":[],"createdAt":"2025-07-26 15:53:20","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-7222244/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-7222244/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":89163292,"identity":"062e8038-8d95-47e7-ba9e-680b358c47e9","added_by":"auto","created_at":"2025-08-15 16:17:04","extension":"pdf","order_by":1,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":641680,"visible":true,"origin":"","legend":"","description":"","filename":"JEGJuly30.pdf","url":"https://assets-eu.researchsquare.com/files/rs-7222244/v1_covered_b2c9b965-e191-49d4-80a3-e6d19cb918c1.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"The Role of Capital Markets in Corporate Labor Productivity Improvement: Evidence from Public Transfer of Equity","fulltext":[],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":false,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":true,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":true,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"public transfer of equity, labor productivity, corporate financing, corporate governance","lastPublishedDoi":"10.21203/rs.3.rs-7222244/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-7222244/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eBased on the national implementation of National Equities Exchange and Quotations, this study explores the impact of public transfer of equity on the labor productivity of micro, small and medium-sized enterprises (MSMEs). 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