境外股东持股与股票流动性

Foreign Ownership and Stock Liquidity

是否对境外资本开放我国上市公司股权以及开放程度大小,是我国国际化进程中需要考虑的重要问题,本文使用手工收集的上市公司境外股东持股数据,研究了境外股东持股对股票流动性的影响。研究发现,境外股东持股会显著降低上市公司的股票流动性;在股票信息含量较低的公司,境外机构股东对流动性的负向影响更强,但境外个人股东对流动性的负向影响减弱,并且这种增量效应只体现在国有股持股比例较高的公司。

We use manually collected data to analyze the impact of foreign ownership on stock liquidity. The results show that foreign ownership can significantly decrease stock liquidity. The negative effect of foreign institutional ownership is enhanced while the effect of foreign individual ownership is wakened in firms with low stock information. And this marginal effect only exist in firms with high state - own share.