股权结构对股票流动性影响的实证研究——基于公开发行与定向增发的经验证据  

The Empirical Study of Impact of the Ownership Structure on Stock Liquidity

作　　者：王晓亮[1,2] 田昆儒[1] 

机构地区：[1]天津财经大学商学院,天津300222 [2]晋中学院经管学院,山西晋中300600

出　　处：《河北经贸大学学报》2014年第1期77-84,共8页Journal of Hebei University of Economics and Business

基　　金：2012年教育部人文社科研究规划项目(12YJC860007);2013年河北省社会科学基金课题(HB13JJ025);2013年山西省社科联重点课题(SSKLZDKT2013134)

摘　　要：对2006—2011年公开发行与定向增发新股公司作为研究对象,研究股票增发前后一年股权结构与股票流动性的变化及其影响。研究结果表明:公开发行与定向增发新股之后股票流动性显著下降;股权结构对于股票流动性的影响在公开发行与定向增发之间没有显著差异;大股东持股比例变化与股票流动性正相关;机构投资者持股比例、股东人数的变化与股票流动性没有显著关系。Taking public offering and private placement of new shares of the year 2006 to 2011 as the research object, the paper studies the changes of ownership structure and stock liquidity a year before and after the stock offering, the results show that stock liquidity decreased significantly after the public offering and private placement of new shares. The effects of ownership structure on stock liquidity between public offering and private placement were not significantly different. The changes of largest shareholding are positively correlated with the stock liquidity. The changes of institutional investor shareholding, numbers of shareholders have no significant relationship with the stock liquidity.

关 键 词：股权结构 股票流动性 公开发行 定向增发 信息不对称 股权融资 债权融资 

分 类 号：F830.91[经济管理—金融学]