收益率差异视角下股票流动性与资本结构关系的再检验

本文在股票收益率差异视角下，选择2000年1月到2015年12月期间中国沪、深市场307家上市公司数据，采用单方程估计法和联立方程组系统估计法研究我国上市公司股票流动性与资本结构的相互影响；并分别从股权分置改革、股权再融资、牛熊市行情三个方面对二者关系的变化与差异进行深入分析。结果表明：股票流动性与资本结构之间存在显著的负向关系，并且随着股票收益率水平的提高，负向影响越来越明显；股权分置改革后、满足再融资资格的上市公司以及牛市行情下两者的相互影响更显著。

Re-examination of the Relationship Between Stock Liquidity and Capital Structure in Perspective of Different Return

In the perspective of different stock return，we select 307 listed companies in Shanghai and Shenzhen stock market data during January 2000 to December 2015，using single equation estimation method and simultaneous equations system estimate method to research the mutual relation between our country listed companies’ stock liquidity and capital structure. This paper analyzes the changes and differences of the relationship between the reform of the shareholding，the refunding of equity and the bull bear market. Results show that there is significant negative relationship between the stock liquidity and capital structure，and with the improvement of stock return，the negative influence is more and more obvious；The impact are more significant under the circumstances of the reform of the shareholding，the listed companies that meet the refinancing qualification，and the bull market.