二级市场流动性风险对上市公司融资行为影响研究——来自中国A股上市公司的经验证据

The Research of Stock Liquidity Risk Influence on Corporate Financing——Empirical Evidence of Chinese A-Share Listed Companies

本文以2000-2010年我国A股上市公司为研究样本,从微观结构理论角度出发,研究了股票市场流动性风险对企业融资决策的影响。研究表明,流动性风险与资本结构负相关,该风险大小不会影响企业优先选择内源融资方式的决策;另外,股票流动性大的公司其流动性风险越大越倾向于股权融资,股票流动性小的公司其流动性风险不为决策者选择外源融资方式的重要影响因素。

Based on the sample of Chinese A-share listed companies during 2000-2010,this paper analyzes the effect of stock liquidity risk on corporate financing from the perspective of market microstructure.The result shows stock liquidity risk negative correlates with capital structure.A further study finds that,liquidity risk has no effect on endogenous and external financing decision.For higher liquidity stock,the Corporate prefers to equity financing with high liquidity risk,but for the stock with lower liquidity,liquidity risk non-correlates with the choose between equity and debt financing.