上市公司地理位置、风险投资参与与股票流动性——基于创业板市场的实证研究  

Boss Company Location,Venture Capital Participation and Stock Liquidity:Empirical Research Based on the ChiNext Market

作　　者：沈甜甜 汪洋[1] Shen Tiantian;Wang Yang

机构地区：[1]安徽师范大学经济管理学院,安徽芜湖241003

出　　处：《金融理论与实践》2020年第8期85-95,共11页Financial Theory and Practice

基　　金：安徽省高校人文社科重点项目“做市商制度对新三板流动性的影响研究”(项目编号:SK2017A0276)的阶段性成果。

摘　　要：利用2014—2018年创业板上市公司样本,实证检验上市公司地理位置对股票流动性的影响,同时检验风险投资参与行为在该影响中存在的调节效应。结果表明:地处中心城市上市公司的股票流动性更强;风险投资第一大股东为个人投资者、非国有资本时,能够增强上市公司处于中心城市或邻近中心城市这一地理优势对于股票流动性产生的正向影响;风险投资第一大股东的持股比例在地理位置对股票流动性的影响机制中不存在调节效应,在地理距离对股票流动性的影响机制中存在调节效应。Using the sample of listed companies on the GEM from 2014 to 2018,the empirical test of the impact of the listed company’s geographic location on the liquidity of the stock,and the moderating effect of venture capital participation in this effect.The results show that listed companies located in central cities have stronger stock liquidity;when the largest shareholder of venture capital is individual investors and non-state-owned capital,it can enhance the geographical advantage of listed companies in or adjacent to central cities.The positive impact of sex;the shareholding ratio of the largest shareholder of venture capital does not have a regulatory effect in the mechanism of geographical location on the liquidity of the stock,and there is a regulatory effect in the mechanism of geographic distance on the liquidity of the stock.

关 键 词：证券市场 创业板 上市公司 地理位置 风险投资 股票流动性 

分 类 号：F830.91[经济管理—金融学]