民营上市公司融资余额与证券资产流动性关系研究  

Research on the Relationship between the Financing Balance and the Liquidity of Securities Assets of Private Listed Companies

作　　者：卢剑峰 LU Jian-feng(School of Economics,Bohai University,Jinzhou 121013,China)

机构地区：[1]渤海大学经济学院

出　　处：《财经理论研究》2020年第1期86-95,共10页Journal of Finance and Economics Theory

基　　金：辽宁省社会科学界联合会重点课题(2019lslktjd-001);辽宁省教育厅项目(WQ2017016)

摘　　要：资本市场是民营企业筹集资金的重要渠道。再融资是缓解民营企业融资难的重要途径,关系到民营企业供给侧结构性改革和产业结构优化升级的成败。民营上市公司的再融资渠道畅通与否会影响"调结构稳增长"这一目标。本文旨在探讨融资余额对民营上市公司资产流动性的不对称影响,采用筛选过后的45家上市民营公司数据以回归分析法检验影响个股流动性的因素。研究发现融资余额下跌时,对证券资产流动性的影响更加强烈;进一步研究发现融资余额变动影响流动性不足指标会因时间长短而有不同。在融资余额各构面中,个股的波动程度对证券资产流动性影响显著。Capital market is an important channel for private enterprises to raise funds. Refinancing is an important way to alleviate the financing difficulties of private enterprises, which is related to the success or failure of supply-side structural reform and industrial structure optimization and upgrading of private enterprises. Whether the refinancing channels of private listed companies are smooth or not will affect the goal of "structural adjustment and steady growth", which is the inherent requirement of the new normal. This paper aims to explore the asymmetric influence of financing balance on the asset liquidity of private listed companies. Regression analysis is used to inspect the factors affecting the liquidity of individual stocks with the data of 45 listed private companies. It is found that when financing balance falls, it has a stronger impact on securities asset liquidity. Further studies have found that the impact of financing balance changes on the indicators of illiquidity varies with the length of time. Among all aspects of financing balance, the volatility of individual stock has a significant impact on securities asset liquidity.

关 键 词：民营企业 融资余额 资产流动性 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]