股票流动性、治理效应与公司投资

Stock Liquidity,Governance Effect and Firm Investment

现有研究表明资本市场股票流动性能够通过发声机制和退出机制对公司治理产生影响,然而这种治理效应的改善是否通过影响公司的投资决策进而影响公司价值值得进一步研究。以2005 2015年A股上市公司为样本,重点考察股票流动性对于投资决策的影响。结果发现:股票流动性增加能够提高公司的投资水平和投资-现金流敏感度、降低投资对托宾q的敏感度;提高的流动性能够通过影响公司投资增加公司价值;流动性提升公司价值的效应对于投资机会少或者投资水平高的公司而言更强。研究结果表明股票流动性具有治理效应,能够从股东建议和股东监督两种渠道影响公司投资决策进而影响公司价值。

Current research indicates that stock liquidity can enhance the corporate governance through mechanisms of ＂voice＂ and ＂exit＂, but how does this kind of governance effect affects firms＇ investment decision and performance. Taking all A-share listed firms from 2005 to 2015 as research samples, this paper explores the impact of stock liquidity on firm investment and performance. The empirical results show that increased stock liquidity enhances investment, and investment is more sensitive to cash flow and less sensitive to tobin＇s q when liquidity increases; increased liquidity improves firm value through investment; this effect is more obvious for firms with lower investment opportunity Or more actual investment. These results show that stock liquidity has governance effect, and it can affect firm investment and value through stockholders＇ advice channel and monitoring channel.