'This paper, according to China's industrial companies data from 1997 to 2007, uses OP to estimate total factor productivity of industrial companies, analyzes the impacts of land trading marketization on high-quality economic development from microscopic view, and discusses its heterogeneity and mechanism. Land trading marketization largely promotes the total factor productivity of companies, which is especially true for the companies in central to western China or low marketized provinces, with low financial pressure, or private, medium/small companies, mostly by means of relieving financing constraints, boosting innovation and optimizing resources allocation. This paper, aiming at promoting high-quality economic development, presents suggestions on raising land trading marketization level, fulfilling companies’ land financing, and mitigating local governmental financial pressure.