基于公司治理的中國股票市場流動(dòng)性研究.pdf

1、基于公司治理的中國股票市場流動(dòng)性研究本論文是作者在參加以下科研課題研究的基礎(chǔ)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(zhuǎn)軌的治理制度解構(gòu)課題來源：蘭州大學(xué)人文、社會(huì)科學(xué)學(xué)科建設(shè)基金規(guī)劃項(xiàng)目課題負(fù)責(zé)人：高宏霞副教授項(xiàng)目編號(hào)：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