海洋经济市场流动性共性研究

Research on the commonality of market liquidity of marine economy

在建设海洋强国的战略背景下,海洋已成为促进中国经济社会高质量发展的重要战略基地,海洋经济的壮大也为资本市场的发展注入了强大活力。在股票市场中,个股流动性与整个股票市场流动性之间存在的协同运动,是引发系统性风险的重要来源。为更加全面地了解海洋强国战略实施后海洋经济市场的系统性风险与系统性发展趋势,本文以2013年1月1日—2023年9月30日选取的112支海洋经济相关的股票流动性共性指标作为研究对象,探究了影响海洋经济市场流动性共性的因素。研究结果表明:机构投资者关联交易会显著增强海洋经济市场的流动性共性;在机构投资者关联交易作用于流动性共性的过程中,机构投资者关联交易通过降低交易规模提升个股流动性共性;个股的定价效率表现出负向调节作用,而信息披露指数表现出正向调节作用。

In the context of the national strategy of building a maritime power,the ocean has become an important strategic base for promoting China's high-quality economic and social development.The growth of the marine economy has injected strong vitality into the development of the capital market.In the capital market,the coordinated movement between the liquidity of individual stocks and the liquidity of the whole stock market is an important source of systemic risk.In order to have a more comprehensive understanding of the implementation of the maritime power strategy,the marine economic market systemic risk and systematic development trend,this paper takes 112 common stock liquidity indicators related to marine economy from January 1,2013 to September 30,2023 as the research object to explore the factors affecting the common liquidity of marine economy market.The results show that institutional investor related transactions significantly enhance the liquidity commonality of the marine economic market.In the process of institutional investors'connected transactions acting on the liquidity commonality,institutional investors'connected transactions improve the liquidity commonality of individual stocks by reducing the transaction scale.The pricing efficiency of individual stocks shows a negative adjustment effect,while the information disclosure index shows a positive adjustment effect.