股票市场流动性与公司价值

2019 16th International Conference on Service Systems and Service Management (ICSSSM) Pub Date : 2019-07-01 DOI:10.1109/ICSSSM.2019.8887822

Dan Yu, Yan Zhou

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引用次数: 0

摘要

本文研究了2012 - 2015年沪深两市a股上市公司的流动性对公司价值的影响，并将其分组研究流动性对公司价值变化的趋势效应。结果表明，股票流动性对公司价值有正向影响，股票流动性主要通过资本结构和经营效率两条路径对公司价值产生正向影响。此外，股票流动性越高，企业价值增长速度越快，产生边际效应递增的趋势效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Liquidity of Stock Market and Corporate Value

This paper studies the impact of liquidity of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2012 to 2015 on the value of the company, and divides them into groups to study the trend effect of liquidity on the change of the company's value. The results show that stock liquidity has a positive impact on corporate value, and stock liquidity has a positive impact on corporate value mainly through the two paths of capital structure and operating efficiency. In addition, the higher the stock liquidity is, the faster the growth rate of corporate value is, and the trend effect of increasing marginal effect is produced.

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来源期刊

2019 16th International Conference on Service Systems and Service Management (ICSSSM)

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