股票流动性、股权制衡与投资效率研究

Study on Stock Liquidity, Equity Balance and Investment Efficiency

企业投资效率对推动经济高质量发展具有重要支撑作用,基于2008-2021年我国沪深A股上市公司数据,文章重点分析股票流动性对上市公司投资效率的影响,并检验股权制衡的调节效应。研究表明:股票流动性有助于上市公司提高投资效率,股权制衡具有正向调节作用,这一调节作用在大型、非国有以及融资约束大的企业样本中更为显著。为此,建议多措并举提升股票流动性,完善公司治理体系,提高股权制衡度,进一步深化国企改革,切实提高企业投资效率,为经济高质量发展提供强大引擎。

The efficiency of corporate investment plays a crucial role in promoting high-quality economic development.Based on the data of Chinese Shanghai and Shenzhen A-share listed companies from 2008 to 2021,this paper analyzes the impact of stock liquidity on the investment efficiency of listed companies,and tests the regulatory effect of equity checks and balances.The research shows that stock liquidity can help listed companies improve investment efficiency,and equity balance has a positive regulating effect.The moderating effect is more significant in large-sized,non-state-owned,and highly financially constrained corporate samples.Therefore,it is recommended to take multiple measures to enhance stock liquidity,improve corporate governance systems,increase the degree of equity balance,further deepen the reform of state-owned enterprises,effectively improve the efficiency of enterprise investment,and provide a powerful engine for high-quality economic development.