资本结构、产权性质与股票流动性  

Capital Structure,Ownership Nature of Ultimate Controller and Stock Liquidity

作　　者：李常青[1] 刘羽中[1] 李茂良[2] 

机构地区：[1]厦门大学管理学院,福建厦门361005 [2]厦门大学财务管理与会计研究院,福建厦门361005

出　　处：《经济管理》2016年第5期153-164,共12页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目"中国上市公司关联交易研究:动机;经济后果与治理机制"(71572165);国家自然科学基金青年科学基金项目"市场流动性与公司股利政策的交叉研究"(71502150)

摘　　要：公司财务与市场微观结构理论交叉研究日趋流行,本文从一个新颖的视角,以近期国内A股市场流动性匮乏为背景,从公司财务角度出发研究资本结构对股票流动性的影响。实证结果表明,资本结构和股票非流动性呈倒U型关系。进一步考虑我国上市公司产权性质后,发现国有企业资本结构对股票非流动性指标的影响更弱。此外,在倒U型关系中,流动负债起到了主要作用。综合研究结论,本文认为,虽然公司负债融资可带来税盾效益,但伴随着流动性下降却带来了流动性成本。适当降低财务杠杆可以提高股票流动性。倘若公司有内部好消息时,公司会有很强的意愿将消息传递给市场投资者,从而提高股票流动性。In recent years, the research between corporate finance and market microstructure theory is becoming more and more popular. Stock liquidity is a core research issue of market microstructure. There are many papers about the impact of stock liquidity on company＇s financial policy have been issued. By contrast, the papers a- bout the impact of company＇s financial policy on stock liquidity is still very scarce. Meanwhile, capital structure is one of the most classical research topics in the financial field over the half a century. The aim of this paper is to combine institutional background in China and investigates the impact of capital structure which is the importance of corporate finance on the liquidity which is the importance of market microstrueture research from the perspective of corporate financial policy. We try to understand the role of corporate capital structure on stock liquidity and in order to fill the blank of the current study. Different from current mainstream capital structure research and under the background of liquidity shortage a- mong the A-share market in China, this paper investigates the relationship between capital structure and stock liq- uidity from a original perspective. We find that the relationship between capital structure and illiquidity present a U-shaped curve. Due to financing discrimination because of different property, compared to the non-state enterpri- ses, capital structure of state-owned enterprises（SOEs） have a weaker influences on illiquidity. Furthermore, com- pared to the long-term liabilities, current liabilities has played a major role in the inverted u-shaped relationship. In addition, not because of the different nature of property rights, there are the same between long-term liabilities and current liabilities. In the end, We replace the liquidity indicator, build a subsample, adjust the standard error of estimated coefficients from two dimensional, lag the financial data for one year to test the robustness of research conclusion from this paper. At th

关 键 词：资本结构 股票流动性 产权性质 信息不对称 融资歧视 

分 类 号：F275[经济管理—企业管理]