股票流动性对上市公司价值的影响研究  

The Impact of Stock Liquidity in the Secondary Market on Listed Firm Value

作　　者：侯旭[1] 孙端[1] 

机构地区：[1]天津大学管理与经济学部,天津300072

出　　处：《价值工程》2012年第6期113-114,共2页Value Engineering

摘　　要：为了考察二级市场股票流动性对上市公司价值的影响,以2004~2009年间沪深两市A股股票分笔交易数据为样本,利用相对有效价差与托宾Q作为代理指标进行实证检验并加以分析。结果表明,股票二级市场流动性同上市公司价值之间具有显著的正相关关系。股票流动性提高,公司资本成本降低,经营业绩改善,上市公司价值提升。This paper investigates the impact of stock liquidity in the secondary market on listed firm value,uses the relative effective spread and Tobin＇s Q as the main measure.The result showed that stock liquidity in the secondary market had significantly positive impact on listed firm value.Stock liquidity had impact on listed firm value through the firm＇s cost of capital and operating performance.

关 键 词：流动性 公司价值 资本成本 公司经营业绩 

分 类 号：F830.59[经济管理—金融学]