上市公司股票流动性影响因素的实证

journal6 ›› 2010, Vol. 31 ›› Issue (6): 102-106.

上市公司股票流动性影响因素的实证

（1.吉首大学商学院，湖南吉首 416000 2.湖南大学工商管理学院，湖南长沙 410082）

出版日期:2010-11-25 发布日期:2012-04-11
作者简介:龙剑友（1975-），男，湖南郴州人，吉首大学商学院副教授，硕士，主要从事计量经济研究.

An Empirical Study of the Factors Which Influence the Liquidity of the Listed Company’s Stock

(1.Business College,Jishou University,Jishou 416000,Hunan China;2.College of Business Management,Hunan University,Changsha 410082,China )

Online:2010-11-25 Published:2012-04-11

摘要/Abstract

摘要：股票流动性的影响因素大致可以总结为3大类，即股票特征、市场微观结构以及其他因素.而对于同一个市场来说，股票流动性最大的影响因素便是股票特征.股票特征中股票价格、公司规模、资产负债率、股权集中度以及机构持股率等对股票流动性有较好的解释，不同的流动性表述方式下的实证结果也不一样.

关键词： 流动性, 股票特征, OLS

Abstract: The factors which influence the stock liquidity can be roughly summarized in three categories,namely,the stock features,the market microstructure and the other factors.As for the same markets,the most influential factor is the stock characteristics.Stock price,the scale of a company,asset-liability ratio,ownership structure,institution stock holding rate,all these stock characteristics can well account for stock liquidity.Different empirical results will be obtained for different liquidity formulations.

Key words: stock liquidity, stock characteristics, OLS

龙剑友, 郑竹清. 上市公司股票流动性影响因素的实证[J]. journal6, 2010, 31(6): 102-106.

LONG Jian-You, ZHENG Zhu-Qing. An Empirical Study of the Factors Which Influence the Liquidity of the Listed Company’s Stock[J]. journal6, 2010, 31(6): 102-106.

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