制度环境对公司流动性规模的影响研究——基于A股上市公司数据的实证分析

Research on the Impact of Institutional Environment on the Scale of Corporate Liquidity:An Empirical Analysis Based on the Data of A-share Listed Companies

现代财务理论指出,公司流动性规模不但与资本结构、规模、治理结构、成长性等公司特征相关,而且受制度环境的影响。本文通过整理汇总制度环境的相关数据,并将其与A股上市公司的数据相匹配,形成包含宏观数据和微观数据的新数据库。以此数据库的样本为研究对象,实证分析在不同的制度环境之下,公司流动性规模的变化。研究发现:上市公司所处区域的市场化程度越高,流动性持有量越大;同时,上市公司所处区域的法制水平越高,流动性持有量也越大;而上市公司所处区域的政府干预程度对公司流动性持有量没有显著影响。综上所述,制度环境的改善,有利于提高上市公司的流动性持有规模。

Modern financial theory points out that the liquidity scale of a company is not only related to the company's capital structure,scale,governance structure,growth and other corporate characteristics,but also affected by the institutional environment.This paper collates and summarizes the relevant data of the institutional environment and matches it with the data of A-share listed companies to form a new database containing macro and micro data.Based on the sample of this database,empirically analyzes the changes in the liquidity scale of firms under different institutional environments.The results show that the higher the degree of marketization in the region where the listed company is located,the greater the liquidity holdings;At the same time,the higher the level of legal system in the region where the listed company is located,the greater the liquidity holdings;However,the degree of government intervention in the region where the listed company is located has no significant impact on the company's liquidity holdings.To sum up,the improvement of the institutional environment is conducive to increasing the liquidity holding scale of listed companies.