流动性及流动性的波动对资产定价的影响实证研究金融学专业论文.docxVIP

low-frequency data to measure stock liquidity and do some empirical research with the three kind of asset liquidity index. The empirical results conclude that they have a significantly positive correlation. The agreement between theoretical analyses and experimental results shows the worse the growth and the financing environment of enterprises is, the more prominent the positive relationship is. Finally we use the theoretical model to reveal the reason of the change of stock liquidity in listed companies innovatively and the contribution cash makes to firm value. KEY WORDS：Asset pricing, Vola