股票流动性与资本结构-基于中国证券市场的分析  

Liquidity and Capital Structure-Evidence from Chinese Stock Markets

作　　者：朱宏志[1] 潘宁宁[2] 朱宏泉[2] 

机构地区：[1]重庆师范大学后勤集团,重庆400047 [2]西南交通大学经济管理学院,四川成都610031

出　　处：《数学的实践与认识》2012年第20期60-68,共9页Mathematics in Practice and Theory

基　　金：国家自然科学基金(70971110,71171170);教育部人文社科规划基金(09YJA790169)

摘　　要：以Amihud(2002)的不流动性测度(ILLIQ)作为流动性的衡量指标,以账面杠杆比(DBA)和市值杠杆比(DMA)作为公司资本结构的衡量指标,探讨了流动性对资本结构的影响.实证结果表明:流动性与公司财务杠杆显著负相关,无论被解释变量是DBA还是DMA,ILLIQ都具有信息增量提供能力,但流动性对DMA的影响较DBA更大.这表明,由于股票流动性能降低股权融资成本,流动性高的公司会更偏好股权融资.Using illiquidity measure（ILLIQ） of Amihud（2002） as the proxies of asset liquidity, and debt-to-asset ratio（DBA） and debt-to-market value ratio（DMA） as the proxy of capital structure, this paper explore the effect of asset liquidity on capital structure in Chinese stock markets. We find that Leverage is positively related to asset liquidity, and ILLIQ has incremental information content both to DBA and DMA. Further analysis reveals that asset liquidity has much stronger influence on DMA than on DBA. These results show that firms having higher.asset liquidity will meet less financing cost of right issue, and therefore prefer right financing to debt financing.

关 键 词：流动性 资本结构 ILLIQ DBA DMA 

分 类 号：F832.51[经济管理—金融学] F224