As an important basis for the development of capital market, how corporate information disclosure affects total factor productivity is of great importance for financial services to the development of real economy.Using the data of A-share listed companies for empirical analysis, this paper finds that, first of all, the improvement of information disclosure quality can significantly improve the total factor productivity (TFP) of enterprises, and the results are still valid after the endogeneity and robustness test.Secondly, the mechanism test found that the quality of information disclosure mainly promoted the improvement of TFP by optimizing the efficiency of capital allocation.Further research finds that the improvement of corporate information disclosure will improve stock liquidity, and the pressure of capital market will make enterprises carry out strategic innovation "valuing quantity over quality", which leads to the failure of corporate information disclosure to improve corporate TFP through technological innovation.Finally, when analysts pay attention to and long-term institutional investors hold a higher proportion of shares, the quality of information disclosure has a stronger effect on the improvement of enterprise TFP.This study provides theoretical reference and empirical evidence for how capital market reform can help the high-quality development of the real economy.