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公司财务与市场微观结构理论交叉研究日趋流行,本文从一个新颖的视角,以近期国内A股市场流动性匮乏为背景,从公司财务角度出发研究资本结构对股票流动性的影响。实证结果表明,资本结构和股票非流动性呈倒U型关系。进一步考虑我国上市公司产权性质后,发现国有企业资本结构对股票非流动性指标的影响更弱。此外,在倒U型关系中,流动负债起到了主要作用。综合研究结论,本文认为,虽然公司负债融资可带来税盾效益,但伴随着流动性下降却带来了流动性成本。适当降低财务杠杆可以提高股票流动性。倘若公司有内部好消息时,公司会有很强的意愿将消息传递给市场投资者,从而提高股票流动性。
This paper studies the impact of capital structure on the stock liquidity from the perspective of the company’s finance from a novel perspective and the recent lack of liquidity in the domestic A-share market. Empirical results show that the capital structure and stock illiquidity are inverted U-shaped relationship. After further considering the nature of the property rights of listed companies in our country, we find that the capital structure of SOEs has a weaker impact on the index of non-liquidity. In addition, current liabilities play a major role in the inverted U-shaped relationship. Based on the conclusion of the research, this paper argues that although the corporate debt financing can bring the benefit of tax shield, the liquidity cost brought along with the decrease of liquidity. Proper reduction of financial leverage can increase stock liquidity. If the company has good inside information, the company will have a strong will to pass the message to market investors, thereby enhancing the liquidity of the stock.