公司治理对股票流动性的影响分析

论文总字数：26015字

摘 要

关键词：公司治理；流动性；大陆市场；替代指标

The Effect of Corporate Governance on Stock Liquidity in China Mainland

14912106 Wang Gege

Supervised by Wang Hong

Abstract：This paper means how to explain how corporate governance changing will affect stock liquidity in China mainland, and when hence corporate governance, will stock liquidity increasing as well. Firstly, we build a corporate governance table through nine indicators, such as independent directors’ ratio, accounted for the largest shareholder proportion of total shares out of shareholders, establishment of the commissions for the sample company's internal management of scoring etc. If they meet any of these indicators, the company's corporate governance level plus one point, the highest score is 9 points. Then we also find a representative sample of the company's stock liquidity of the three independent indicators, namely Amihud illiquid index, turnover and liquidity ratios, turnover and liquidity ratio which is more common in recent literatures, supplemented by other control variables which were got from firm characteristics, such as firm size, gearing ratio, tangibility ratio and so on, to carry out empirical research. Although researchers have studied the stock liquidity can push the merits of the split share structure, strengthen internal management level, but investigators had not explored the Chinese mainland market, the level of corporate governance will have any effect on stock liquidity. This article hopes from a new perspective, a relatively new introduction of alternative measures of liquidity, to consider the relationship between the enterprise and its stock. Preliminary conclusion is to strengthen corporate governance, enterprises can optimize disclose information transparency for investors to look up to improve performance of the company, although no significant effect for the company's stock turnover, but can reduce the non-liquidity indicators, increasing liquidity ratio, so that the stock of liquidity further improved.

KEY WORDS: Corporate Governance, Stock liquidity, China mainland stock market, alternative liquidity measures

目录

第一章 绪论1

1.1引言1

1.1.1 研究背景1

1.1.2 研究意义2

1.2研究方法2

1.3课题关键点和难点2

1.4课题创新点3

第二章 文献综述4

2.1国内对于公司治理对股票流动性的影响的研究4

2.2国外对于公司治理对股票流动性的影响的研究4

第三章 理论分析和研究设计8

3.1 理论分析8

3.1.1 公司治理8

3.1.2 股票流动性8

3.2 假设检验9

3.3 模型设计10

3.4 实证模型10

第四章 实证研究12

4.1 样本描述12

4.2 变量描述12

4.3 实证结果13

第五章 结论19

5.1 研究结论19

5.1 政策建议19

致谢21

参考文献22

附录24

第一章 绪 论

1.1引言

1.1.1研究背景

公司治理有着内容多种多样的定义，而大部分的定义倾向于两类。第一类的定义主要集中关注的是一套行为模式：即是，在规定了相关的措施，性能，效率，增长，财务结构，和股东以及其他利益相关者的条款后，公司的实际行为。第二类的关注点在于规范性框架：即，根据该公司所处的市场，无论是实际资本市场还是金融股票市场，考察这些市场中的关于法律制度，司法体制，金融市场和要素（劳动力）市场未来规则的规则。

在很大程度上,公司治理是一套机制,因为外部投资者需要保护自己免受由内部人士的信息不对称的干扰，所以公司管制是为应对这种现象而生的机制。企业内部人士侵占资产可以采用多种形式。 在一些国家，企业的管理层只是偷偷利用内部消息获取收益；而在其他国家，他们转移利润的手段更为复杂。有时，企业内的人会以远低于市场价格的价格出售一些外部投资者融资给企业的资产，进而获益。在内部管理匮乏的企业，管理层更多的只会关注自身利益，而忽视股东的需求与公司的发展方向，他们会降低信息披露的频率和透明度，隐瞒公司运营的真正情况，而让外部的投资者蒙受损失。

流动性描述了一种资产或证券可以迅速在市场上被购买或者是销售，但是对相应资产的账面价值的变动没有什么影响的程度。市场流动性是描述了一种在一个市场上，比如某个国家的股票证券市场或者是某个城市的实际资产交易市场，允许资产以账面价值的金额进行出售。现金是最具流动性的一种资产，而房地产、艺术品和收藏品都相对缺乏流动性。会计流动性衡量的是通过个人或者公司已有的的流动性资产，他们是否能够实现预期的财务目标。有几种衡量方式可以表达会计流动性，比如流动比率、速动比率等。

剩余内容已隐藏，请支付后下载全文，论文总字数：26015字