股票流动性、股权分置改革与公司价值摘要.PDFVIP

股票流动性、股权分置改革与公司价值* ——基于中国上市公司的实证检验 陈辉 顾乃康 万小勇 （中山大学管理学院，广东 广州 510275 ） 内容提要：在我国，股票流动性是如何影响公司价值的，股权分置改革对两者的关系又 造成了何种影响？本文使用 2001-2008 年间沪深两市中仅发行了 A 股的上市公司为样本， 对这些问题进行了考察。研究表明，股票流动性越高，企业价值越高，财务杠杆水平越低， 但经营绩效反而越差；在股权分置改革后，股票流动性和公司价值及财务杠杆水平之间的相 关性有所增强但不显著，而流动性和经营绩效之间的负相关性却得以显著降低。本文进一步 在我国特定的制度以及股权分置改革的背景下就这些证据提出了一些理论解释。 关键词：股票流动性 公司价值 股权分置改革 财务杠杆 经营绩效 Stock Liquidity, Non-tradable Shares Reform and Firm Value: Evidence from China’s Listed Companies Chen Hui, Gu Naikang, Wan Xiaoyong (School of Business, Sun Yat-Sen University, Guangzhou 510275, China) Abstract: How does the stock liquidity affect the firm value in China? What is the effect of the non-tradable shares reform on this relationship? On the basis of listed companies from Shenzhen stock market and Shanghai stock market from 2001 to 2008 which only issue A-shares, the paper explores these questions. It shows that, the firm value is higher, the financial leverage is lower and the operating performance is worse along with the higher stock liquidity. After the reform of non-tradable shares, the relationship between stock liquidity and firm value and the relationship between stock liquidity and financial leverage become stronger but insignificantly, but the negative relationship between stock liquidity and operating performance becomes lower significantly. Furthermore, the paper gives some theoretical explanations based on the special institutional background in China and the reform of non-tradable shares. Keywords: Stock liquidity; Firm value; Reform of non-tradable shares; Financial leverage; Operating performance 作者简介： 陈辉，中山大学管理学院博士研究生。通讯地址：广州市新港西路 135 号中山大学 353 栋 416 室，手机Email: nanbeichenhui@ 。 顾乃康，中山大学管理学院，博士，博士生导师，教授。通讯地址：广州市新港西路 135 号中山大学管理学院，手机Email: mnsgnk@ 。 万小勇，中山大学