股权结构对股票流动性影响的实证研究——基于公开发行与定向增发的经验证据

The Empirical Study of Impact of the Ownership Structure on Stock Liquidity

对2006—2011年公开发行与定向增发新股公司作为研究对象,研究股票增发前后一年股权结构与股票流动性的变化及其影响。研究结果表明:公开发行与定向增发新股之后股票流动性显著下降;股权结构对于股票流动性的影响在公开发行与定向增发之间没有显著差异;大股东持股比例变化与股票流动性正相关;机构投资者持股比例、股东人数的变化与股票流动性没有显著关系。

Taking public offering and private placement of new shares of the year 2006 to 2011 as the research object, the paper studies the changes of ownership structure and stock liquidity a year before and after the stock offering, the results show that stock liquidity decreased significantly after the public offering and private placement of new shares. The effects of ownership structure on stock liquidity between public offering and private placement were not significantly different. The changes of largest shareholding are positively correlated with the stock liquidity. The changes of institutional investor shareholding, numbers of shareholders have no significant relationship with the stock liquidity.