Stock Liquidity and Short-Term Loans and Long-Term Investments of Enterprises:Inhibition or Promotion?
Based on the data of A-share listed companies in China from 2010 to 2020,this paper analyzes the impact of stock liquidity on the mismatch of investment and financing terms of enterprises and studies it from two major channels of the external environment and internal characteristics of enterprises.The empirical results show that stock liquidity will significantly improve the level of short-term loans and long-term investments of enterprises,and this positive impact is more obvious in Ponzi financing types and state-owned en-terprises.Stock liquidity can promote short-term lending and long-term investment by reducing the risk of stock price collapse,in-creasing market value,and enhancing managers'overconfidence.It can also reduce short-term loans and long-term investments by re-ducing financing constraints,reflecting that stock liquidity has a dual effect on short-term loans and long-term investments,but the o-verall effect is to promote it,indicating that the internal factors of the enterprise play a more dominant role.In policy,we should im-prove the capital market,properly handle the liquidity of the stock market,and improve the company's internal governance and invest-ment and financing mechanism.
stock liquidityshort-term loans and long-term investmentsoverconfidencefinancial constraint
万方数据
维普
