市场波动和加密货币持有量对企业流动性的共同影响：加密货币交易所与其他公司的比较分析

Q4 Business, Management and Accounting

Journal of Risk and Financial Management Pub Date : 2024-09-09 DOI:10.3390/jrfm17090406

Namryoung Lee

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引用次数: 0

摘要

本研究考察了市场波动性和加密货币持有量对企业流动性的影响，尤其关注加密货币交易所与其他企业之间的差异。分析基于 2017 年至 2022 年的 181 个企业年观测值，使用比特币波动率、VIX 和 VKOSPI 作为市场波动性指标。采用普通最小二乘法（OLS）和稳健回归分析来评估这些变量之间的关系。首先要指出的是，尽管不显著，但市场波动性对公司流动性有不利影响。然而，加密货币交易所的正相关性表明，加密货币交易所有可能利用市场波动性作为一种战略优势。此外，研究还表明，加密货币持有量提高了企业的流动性，而加密货币交易所的相关性更强。分析还纳入了滞后变量以捕捉延迟效应，证实加密货币持有量对流动性产生了即时和延迟的积极影响，这可能是由于交易所内部有效的战略管理实践。

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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Joint Impact of Market Volatility and Cryptocurrency Holdings on Corporate Liquidity: A Comparative Analysis of Cryptocurrency Exchanges and Other Firms

This study examines the impact of market volatility and cryptocurrency holdings on corporate liquidity, with a particular focus on the differences between cryptocurrency exchanges and other businesses. The analysis is based on 181 firm-year observations from 2017 to 2022, using Bitcoin volatility, VIX, and VKOSPI as indicators of market volatility. Ordinary Least Squares (OLS) and robust regression analyses are employed to assess the relationships between these variables. It is first noted that, albeit insignificant, market volatility has a detrimental influence on company liquidity. The positive correlation for cryptocurrency exchanges, however, suggests that cryptocurrency exchanges could potentially leverage market volatility as a strategic advantage. Additionally, the study shows that cryptocurrency holdings enhance corporate liquidity, with a stronger association observed in cryptocurrency exchanges. The analysis also incorporates lagged variables to capture delayed effects, confirming that cryptocurrency holdings exert both immediate and delayed positive impacts on liquidity, likely due to effective strategic management practices within exchanges.

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