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是否对境外资本开放我国上市公司股权以及开放程度大小,是我国国际化进程中需要考虑的重要问题,本文使用手工收集的上市公司境外股东持股数据,研究了境外股东持股对股票流动性的影响。研究发现,境外股东持股会显著降低上市公司的股票流动性;在股票信息含量较低的公司,境外机构股东对流动性的负向影响更强,但境外个人股东对流动性的负向影响减弱,并且这种增量效应只体现在国有股持股比例较高的公司。
Whether opening up the equity of listed companies and the degree of opening up to overseas capitals is an important issue that needs to be considered in the process of internationalization of our country. This paper uses the data of overseas shareholders ’holdings of listed companies collected manually to study the influence of overseas shareholders’ influences. The study shows that the shareholding of overseas shareholders can significantly reduce the stock liquidity of listed companies. In the companies with lower stock information, the shareholders of overseas institutions have a more negative impact on liquidity, but the negative impact of individual overseas shareholders on liquidity Weakening, and this incremental effect is only reflected in the proportion of state-owned shares of a higher stake in the company.