股票流动性和上市公司资本结构关系.pdfVIP

A b s t r a C t D ee isio n s ra lated to th e eo m P an y ，5 eaP ita l stru etUr e 15 o n e o f the m o st im P o rtan t d ee isio n s，w h ich m att ers the rea liz atio n o f a eo m P an y ，5 v a lu e . P len ty o f sch o lars that h av e b e en w o rk in g o v er th is P ro b lem for y e ars h av e re a eh ed a eo n e lu sio n th a t eaP ita l stru eture 15 e lo se ly re late d w ith the liq u id ity o f co m P an y ，s sto ck s，an d th ere are furht er stud ie s in thi s area . B u t d o m e stie sch o lars h as few in v o lv ed th is a t P ersen t. B a sed o n th e b a ek gro u n d o f th e th eo ry o f m iero 一stru eture an d C h in e se sto ek m ark e t，Th is P ap er fin d s o u t th a t th ere ex ists a rem arkab le en d o g en o u s re la tio n sh iP b etw een th e ab o v e e aP ita l stru e ture a n d liq u id ity ，th ey o ften in tera et a s b o th e au se an d e ll’eet. T h is P ap er P ro ce ed s fro m the an a ly sis o f the P re sen t sto ek m ark et in C h in a ， in co rp o ra te s tra d itio n a l e ap ita l stur cut re theo ry， h a s in tro d u e e d the th eo ry foun d atio n o f the re latio n sh iP b etw een the tw o . w 七 still su n u n er iz e m o st re search ra lated to eap ita l stru eture in th e m iero 一fin an e ia l m ark et re sP e et，an aly se th e in flu en e in g fac tors o f liq u id ity an d eap ita l stru eture，b a sed th e ab o v e w e e stab lish a em P ir ica l m o d e l. W 七 u tiliz e d ata s o f eo m P an ie s listin g in the S h enz h en sto ck ex ch an g e s fro m ye ar 2 0 0 4 to 2 0 0 7 ，a fter th e d e scri P itiv e statistie s o f ea ch v 硕 ab le s，w e re sP ee tiv