摘要
企业投资效率对推动经济高质量发展具有重要支撑作用,基于2008-2021年我国沪深A股上市公司数据,文章重点分析股票流动性对上市公司投资效率的影响,并检验股权制衡的调节效应。研究表明:股票流动性有助于上市公司提高投资效率,股权制衡具有正向调节作用,这一调节作用在大型、非国有以及融资约束大的企业样本中更为显著。为此,建议多措并举提升股票流动性,完善公司治理体系,提高股权制衡度,进一步深化国企改革,切实提高企业投资效率,为经济高质量发展提供强大引擎。
The efficiency of corporate investment plays a crucial role in promoting high-quality economic development.Based on the data of Chinese Shanghai and Shenzhen A-share listed companies from 2008 to 2021,this paper analyzes the impact of stock liquidity on the investment efficiency of listed companies,and tests the regulatory effect of equity checks and balances.The research shows that stock liquidity can help listed companies improve investment efficiency,and equity balance has a positive regulating effect.The moderating effect is more significant in large-sized,non-state-owned,and highly financially constrained corporate samples.Therefore,it is recommended to take multiple measures to enhance stock liquidity,improve corporate governance systems,increase the degree of equity balance,further deepen the reform of state-owned enterprises,effectively improve the efficiency of enterprise investment,and provide a powerful engine for high-quality economic development.
作者
王琳
马新松
WANG Lin;MA Xin-song(School of Economics and Management,Yan’an University,Yan’an 716000,Shaanxi;School of Applied Economics,Guizhou University of Finance and Economics,Guiyang 550025,Guizhou)
出处
《延安大学学报（社会科学版）》
2024年第5期56-65,共10页
Journal of Yan'an University (Social Sciences Edition)
基金
教育部人文社会科学研究西部和边疆地区项目“新时期农地流转对农业高质量发展的影响效应实证与政策优化研究”(23XJA790004)
陕西省科技厅一般项目“新型职业农民科技培训助推特色农产品提质增效”(2023-XCZX-18)。
关键词
股票流动性
投资效率
股权制衡
调节效应
stock liquidity
investment efficiency
equity balance
adjustment effect
