信息不对称视角下新三板股票流动性研究

On Liquidity of NEEQ Stocks Based on Information Asymmetry

基于2014-2016年"新三板"挂牌企业的年度数据,从信息不对称视角,实证探究了新三板股票流动性。研究发现,采用自愿性信息披露方式,能够显著提升挂牌公司股票流动性;地处金融发达地区的挂牌公司,股票流动性明显强于其他地区;而对于有无VC/PE介入,挂牌公司在流动性方面并没有差异。进一步研究发现,在做市交易的子样本中,有VC/PE参与的挂牌公司流动性显著好于没有VC/PE参与的挂牌公司。

The liquidity of the stocks in National Equity Exchanges and Quotation(abbreviated as NEEQ) in China is studied empirically in the perspective of information asymmetry based on the annual data of listed companies of NEEQ from 2014 to 2016. It is found that voluntary disclosure of business information can significantly improve stock liquidity of the listed companies. The stocks of the listed companies located in the financial developed areas have higher liquidity than the stocks of companies in other regions. VC/PE intervention has no effect on the stock liquidity of the listed companies. Further study reveals that listed companies with VC/PE had significantly higher liquidity than listed companies without VC/PE participation in the sub-sample of market-making transactions.