公司投资冲击是否影响股票流动性——基于中国A股市场的经验证据

在宽松货币政策逐步退出、市值管理日益引起关注的背景下,股票流动性问题成为当前的研究热点。本文立足中国资本市场实际,实证研究了公司投资对股票流动性的影响及作用机理。研究发现:中国A股上市公司投资冲击显著降低公司股票的市场风险水平、增强股票流动性;在公司投资冲击增强股票流动性的作用过程中,公司市场风险具有部分中介作用。本研究在一定程度上厘清了微观公司投资影响股票流动性的作用机理,丰富了有关股票流动性微观前置影响因素研究。最后,就信贷资源配置结构、投资者教育及公司投资评价内容和公司市值管理等提出了政策建议。

Under the background of the gradual withdrawal of loose monetary policy and the increasing concern of market value management, stock liquidity has become a hot research focus. Based on the reality of China's capital market, this paper empirically studies the influence and mechanism of corporate investment on stock liquidity. The study shows that: the investment shock of A-share listed companies has significantly reduced the market risk level of corporate stocks and enhanced stock liquidity;in the enhancement of the stock liquidity by corporate investment shock, the corporate market risk has partial mediating effect. This study clarifies to some extent the influence mechanism of micro corporate investment on stock liquidity, and enriches the research on micro prior factors of stock liquidity micro-preposition. Finally, based on the conclusions, this paper puts forward policy recommendations on the credit resource allocation structure, investor education, corporate investment evaluation and corporate market value management.