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从公司财务的视角探讨资产流动性对股票流动性的影响:一方面,资产的流动性越高,现有资产的不确定性就越低,因而股票的流动性越好;另一方面,高的资产流动性也会带来投资机会的增加,导致未来现金流的不确定性增大,从而降低股票的流动性.因此,理论上资产流动性与股票流动性间存在不确定性.基于中国证券市场的结构特征,首先从理论上探讨了资产流动性与股票流动性间的相关性及其作用机理,以及不确定性的产生根源;其次,以A股上市公司为样本,实证分析了资产流动性与股票流动性间的相关性.结果表明:在我国证券市场中股票流动性与资产流动性显著正相关,资产的流动性越高,股票的流动性也越好.进一步,小规模、低成长型和融资受限的公司,二者间的正相关性更强.研究结果对正确评价企业投融资决策、资产定价和股票的流动性、流动性风险均具有一定的参考价值.
On the one hand, the higher the liquidity of the assets, the lower the uncertainty of the existing assets, and the better the liquidity of the stock; on the other hand, the high liquidity of the stock, Of the asset liquidity will also bring the increase of investment opportunities, leading to the uncertainty of the future cash flow increases, thus reducing the liquidity of the stock.Therefore, the theory of asset liquidity and stock liquidity uncertainty.According to China First of all, it discusses theoretically the correlation between asset liquidity and stock liquidity, its mechanism of action, and the origin of uncertainty. Secondly, taking A-share listed company as a sample, this paper empirically analyzes the assets Liquidity and stock liquidity.The results show that there is a significant positive correlation between stock liquidity and asset liquidity in our stock market.The higher liquidity of assets and the better stock liquidity.Furthermore, Low growth and limited financing companies, the two are more positive correlation.The results of the study have a positive impact on the correct evaluation of corporate investment and financing decisions, asset pricing and stock liquidity, liquidity risk has a Set the reference value.