公司治理、股票流动性与公司价值——以我国新三板市场创新层为例  

Corporate Governance,Stock Liquidity and Corporate Value——Take the Innovative Layer of the New Three Board as Example

作　　者：米增渝[1] 林雅婷 

机构地区：[1]中国农业大学经济管理学院

出　　处：《投资研究》2018年第2期147-159,共13页Review of Investment Studies

基　　金：国家自然科学基金项目(71573259)的资助

摘　　要：公司治理、股票流动性与公司价值是决定我国新三板市场发展的关键因素之一。本文利用2015年中国新三板市场的创新层公司数据,使用多元线性回归和联立方程模型方法,实证检验了公司治理、股票流动性与公司价值之间的关系。研究发现:(1)公司治理对股票流动性存在负向作用。(2)股票流动性对公司价值有显著正向影响。(3)公司治理中的机构持股与股票流动性互为负相关,股票流动性与公司价值互为正相关。Corporate governance stock liquidity and corporate value are the key factors that determine the prosperity of the New Three Board, and they have relationship among each other. Based on the data of the innovation layer of the New Three Board listed companies in 2015, the paper uses the multiple linear regression model and simultaneous equation model to test the possible interaction among the three. The conclusions are listed as follows:(1) Corporate governance plays a negative role towards the stock liquidity.(2) Stock liquidity has significant positive impact on corporate value.(3) Endogenous effect perspective: the higher the institutional ownership, the lower the stock liquidity is, and vice versa, the higher stock liquidity leads to lower institutional ownership. The stock liquidity improves the corporate value and vice versa.

关 键 词：公司治理 股票流动性 公司价值 

分 类 号：G12[文化科学] G32