金融科技对股票流动性的影响及作用机制

Impact and Mechanism of Fintech on Stock Liquidity

本文从金融科技关注度、金融科技公司数量以及金融科技政策支持力度三个维度综合衡量各个省份的金融科技发展水平,并利用2011-2021年中国沪深两市A股上市公司的数据,探讨金融科技对股票流动性的影响及其作用机制。结果表明,金融科技具备信息效应、创新效应和治理效应,可以通过提高公司信息披露质量、创新投入与产出以及财务稳定性提升股票流动性。其中,金融科技的治理效应和创新效应发挥了更大的作用。进一步分析发现,金融科技在非国有企业以及高科技企业中显示出更为显著的股票流动性提升作用。因此,应积极利用金融科技打造信息透明的资本市场环境,加快信息流动和获取;推进金融科技在公司创新领域的应用,增强公司创新能力;发挥金融科技的财务风险预警作用,提高公司财务稳定性。

This paper comprehensively measures the level of fintech development in each province from three dimensions:fintech attention,the number of fintech companies and fintech policy support,and uses the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021 to explore the impact of fintech on stock liquidity and its mechanism.The results show that fintech has information effect,innovation ef-fect and governance effect,and improves stock liquidity by improving the quality of corporate information disclosure,innovation input and output,and financial stability.Among them,the governance effect and innovation effect of fintech have played a greater role.Further analysis shows that fintech has shown a more signifi-cant role in improving stock liquidity in non-state-owned enterprises and high-tech enterprises.Therefore,the government should actively use fintech to create an information-transparent capital market environment and accelerate information flow and access;promote the application of fintech in the field of corporate innovation and enhance the company's innovation ability;play the role of fintech in financial risk early warning and improve the company's financial stability.