非效率投资对股票流动性影响分析  

Analysis of the impact of inefficient investment on stock liquidity

作　　者：王志伟 赵健 徐文迪 WANG Zhiwei;ZHAO Jian;XU Wendi(School of Science,Henan University of Engineering,Zhengzhou 451191,China;School of Economics and Trade,Henan University of Engineering,Zhengzhou 451191,China;College of Economics and Management,Zhengzhou University of Light Industry,Zhengzhou 450002,China)

机构地区：[1]河南工程学院理学院,河南郑州451191 [2]河南工程学院经济贸易学院,河南郑州451191 [3]郑州轻工业大学经济与管理学院,河南郑州450002

出　　处：《中原工学院学报》2024年第6期75-80,共6页Journal of Zhongyuan University of Technology

基　　金：2025年河南省高校人文社会科学研究一般项目(2025-ZZJH-155);2025河南省高校社会科学应用研究重大项目(2025-YYZD-07)。

摘　　要：以2007-2022年沪深A股上市企业为研究样本,理论分析和实证检验了非效率投资对企业股票流动性产生的影响。实证结果发现,非效率投资显著降低了企业股票流动性,其中,非效率投资中的投资不足与投资过度均显著降低了企业股票流动性。考虑企业异质性差异后的研究发现,非效率投资对企业股票流动性的降低作用在非高新技术企业、内部控制水平低和信息透明度低的企业中更显著。机制分析还发现,加重企业融资约束、增加企业债务违约风险、降低企业生产效率和增加企业股票收益率波动是非效率投资影响企业股票流动性的几个途径。应进一步引导企业提升投资效率,有效促进股票流动性提升。This article takes Shanghai and Shenzhen A-share listed companies from 2007 to 2022 as research samples,and theoretically analyzes and empirically tests the impact of inefficient investment on the stock liquidity of companies.The empirical results show that inefficient investment significantly reduces the stock liquidity of enterprises,both underinvestment and overinvestment in inefficient investments significantly reduce the liquidity of corporate stocks.After considering the heterogeneity differences of enterprises,it is found that inefficient investment has a more significant effect on reducing stock liquidity in non high-tech enterprises,enterprises with low internal control levels and low information transparency.The mechanism analysis reveals that there are several ways that the inefficiency investment can affect the liquidity of enterprise stock,such as increasing financing constraints,increasing risk of enterprise debt default,reducing production efficiency,and increasing stock return volatility.Policies should further guide enterprises to improve investment efficiency,thereby effectively promoting the increase of stock liquidity.

关 键 词：非效率投资 股票流动性 企业异质性 

分 类 号：F832[经济管理—金融学]