基于公司治理的中國股票市場流動性研究.pdf

1、基于公司治理的中國股票市場流動性研究本論文是作者在參加以下科研課題研究的基礎上完成的，屬于以下科研課題的一部分：課題名稱：從籌資到投資：中國股票市場功能轉軌的治理制度解構課題來源：蘭州大學人文、社會科學學科建設基金規(guī)劃項目課題負責人：高宏霞副教授項目編號：06LZU005AbstractItisthoughtthatifastockcanbeexchangedat10wcostwheninneedandtheexchangehasasm

2、allinfluenceonstockprices，theMockisaliquidoneandthiskindofstockmarketisahighliquidoneFinancialstudiesfindthatliquidityaffectstheefficiencyofstockmarketShareholders，especiallylargeones，faceatrade’offbetweencostandbenefitw

3、hentheyexerttheirsupervisoryeffectonthecorporationLiquidityevidentlyinfluencesthecostbenefitstructureanddeterminestheinputandencouragementofshareholders’corporategovemancebehaviorThislogiclinksliquidityandcorporategovern

4、ancetogetherThispaperbelievesthateithertoohighortoolowliquidityisnotofbenefittotherealizationofeffectivecorporategovemanceandintroducestheconceptof“moderateliquidity’InconsiderationoftherealityofChina’Mockmarket，firstlyi

5、tfindsthatChina’Sstockmarketisatahilghlevelofliquidityandtheinstitutionalchangeofnontradablesharereformincreasesthelevelfurther；secondlyitanalyzesthelevelofliquidity’Seffectonlistedcorporations’dividendpolicybeforetheref

6、ormofnontradableshareandfindsthatthehighpostnontradablesharereformlevelofliquidityincurredactivedecreasing—shareholdingoflargeshareholders；finallyfromfouraspectsofexchangemechanism，informationexposure，productinnovationan