Stock transferability,the managerial learning effect and corporate innovation  

作　　者：Xuehang Yu Junxiong Fang 

机构地区：[1]School of Business,East China University of Science and Technology,China [2]School of Accounting,Zhejiang University of Finance and Economics,China

出　　处：《China Journal of Accounting Research》2024年第1期1-27,共27页中国会计学刊（英文版）

基　　金：funded by grants from the Natural Science Foundation of China(No.72272132;71872048).

摘　　要：This paper considers stock halts to study the impact of stock liquidity loss on the managerial learning effect based on stock prices.We examine stock halts’impact on corporate innovation and find that discretionary halts hinder innovation.We also find that discretionary halts reduce information quality and increase financial constraints and agent costs.Cross-sectional tests show that this negative impact is more pronounced in samples with high shareholding ratios by large shareholders,institutional investors and private firms.The results indicate that the loss of non-institutional stock trading rights,represented by discretionary stock halts,affects revelatory price efficiency in the secondary market,hinders managers’learning effect and affects enterprises’production and operation decisions.These findings have policy implications for stock circulation-right protection and Chinese capital-market reform.

关 键 词：Stock circulation rights loss Discretionary stock halt Managerial learning effect INNOVATION 

分 类 号：F273.1[经济管理—企业管理] F812.42[经济管理—国民经济] F832.51