Research on the Impact of Institutional Environment on the Scale of Corporate Liquidity:An Empirical Analysis Based on the Data of A-share Listed Companies
Research on the Impact of Institutional Environment on the Scale of Corporate Liquidity:An Empirical Analysis Based on the Data of A-share Listed Companies
Modern financial theory points out that the liquidity scale of a company is not only related to the company's capital structure,scale,governance structure,growth and other corporate characteristics,but also affected by the institutional environment.This paper collates and summarizes the relevant data of the institutional environment and matches it with the data of A-share listed companies to form a new database containing macro and micro da-ta.Based on the sample of this database,empirically analyzes the changes in the liquidity scale of firms under different institutional environments.The results show that the higher the degree of marketization in the region where the listed company is located,the greater the liquidity holdings;At the same time,the higher the level of legal system in the re-gion where the listed company is located,the greater the liquidity holdings;However,the degree of government inter-vention in the region where the listed company is located has no significant impact on the company's liquidity hold-ings.To sum up,the improvement of the institutional environment is conducive to increasing the liquidity holding scale of listed companies.
关键词
制度环境/公司流动性规模/市场化程度/法制水平/政府干预程度
Key words
Institutional Environment/Corporate Liquidity Scale/Degree of Marketization/Level of Legal System/Degree of Government Intervention
万方数据