资本结构对股票流动性的影响——基于军民融合上市公司的实证研究

目的/意义根据我国当前政策和战略的重心，研究我国军民融合上市公司资本结构对其股票流动性的影响，并进一步考虑产权性质是否会对这种关系产生影响，以期为我国国有和非国有的军民融合上市公司改善股票流动性提供参考。方法/过程首先结合当前政府提出的重点战略，提出研究的问题；然后就关于资本结构对股票流动性影响、产权性质对二者关系影响的文献进行全面梳理，提出研究的意义和现有文献的不足；最后建立多元回归模型实证分析军民融合上市公司的资本结构对股票流动性的影响，并进一步考虑产权性质后，分别研究我国国有和非国有军民融合上市公司资本结构对股票流动性的影响。结果/结论本文通过实证分析发现:未考虑产权性质时，具有高负债水平的军民融合上市公司，其股票流动性更弱；进一步考虑产权性质后，国有与非国有军民融合上市公司的资本结构对股票流动性的影响表现出较大差异。

The Impact of Capital Structure on Stock Liquidity——An Empirical Study Based on Civil-Military Integration Listed Companies

Purpose/SignificanceBased on the current focus of the national policy and strategy, this paper studies the capital structure impact of civil-military integration listed company on stock liquidity, and considers whether the nature of the property has further impact on this relationship. The purpose of the study is to improve stock liquidity of civil-military integration of state-owned and non-state-owned listed companies in China.Methods/ProcessFirstly, the paper puts forward the research problems on the basis of the key strategies of the government. Then, it reviews the literature on the impact of capital structure on stock liquidity and impact of property nature on the relationship between the two, and proposes the significance of the research and the deficiency of existing literature. Finally, it establishes a multiple regression model to analyze empirically the impact of capital structure of civil-military integration listed companies on stock liquidity, and studies further the impact of capital structure of state-owned and non-state-owned civil-military integration listed companies on stock liquidity by taking property rights into consideration.Result/ConclusionThe results show that civil-military integrated listed companies with high debt have weaker stock liquidity when property rights are not taken into consideration. Considering the nature of property rights further, the capital structure of state-owned and non-state-owned military and civilian integrated listed companies shows great differences in the impact of stock liquidity.