The Belt and Road Initiative and Stock Liquidity——From the Perspective of OFDI
This paper empirically examines the impact of listed companies'direct investment in Belt and Road countries on their stock liquidity using the propensity score matching method and DID with Mulitple Time Periods approach.The study finds that,compared to direct investment in non-BRI countries,direct investment in BRI countries can significantly increase the stock liquidity of listed companies,but this positive effect weakens over time.The impact of the BRI on the stock liquidity of listed companies is contigent upon specific contexts.An analysis of the information effect reveals that compared to listed companies with higher information quality,the BRI has a more significant effect on improving stock liquidity for companies with poorer information quality;an analysis of the investor behavior effect finds that,compared to companies with lower investor activity,the BRI more significantly promotes stock liquidity for companies with higher investor activity.
Belt and Road InitiativeOutward Foreign Direct Investmentstock liquidity
NETL
NSTL
万方数据
