文献类型：期刊文献

英文题名：Monetary Policy Adjustment, Corporate Investment, and Stock Liquidity-Empirical Evidence from Chinese Stock Market

作者：Zhang, Huaping[1];Ye, Jianhua[2];Wei, Feifei[1];Kashif, Rafique[1];Cao, Ceyuan[1]

第一作者：Zhang, Huaping

通讯作者：Zhang, HP[1]

机构：[1]North China Univ Water Resources & Elect Power, Sch Management & Econ, Zhengzhou, Henan, Peoples R China;[2]Henan Univ Econ & Law, Sch Accounting, Zhengzhou, Henan, Peoples R China

第一机构：North China Univ Water Resources & Elect Power, Sch Management & Econ, Zhengzhou, Henan, Peoples R China

通讯机构：[1]corresponding author), North China Univ Water Resources & Elect Power, Zhengzhou 450046, Henan, Peoples R China.

年份：2019

卷号：55

期号：13

起止页码：3023-3038

外文期刊名：EMERGING MARKETS FINANCE AND TRADE

收录：;Scopus(收录号：2-s2.0-85066844201);WOS:【SSCI(收录号:WOS:000469632300001)】；

基金：This article is supported by National Natural Science Foundation of China [71602049], National Natural Science Foundation of China [71503069], and National Social Science Foundation of China [16BGL050].

语种：英文

外文关键词：corporate investment; corporate market risk; monetary policy; stock liquidity

摘要：With the tightening monetary policy gradually exiting and the increasing attention to market value management, stock liquidity has become a research focus. Based on the actual situation of China's capital market, this article empirically studies the impacts of corporate investment on stock liquidity and the underlying influencing mechanism. The study found that (1) the investment of A-share listed companies significantly reduced the market risk level of the corporate stocks and enhanced the stock liquidity; (2) corporate market risk has partial mediating effect on the relationship between corporate investment and stock liquidity; (3) during the tightening monetary policy period and in firms with high financial constraints, corporate investment has more positive effect on stock liquidity, and the mediating effect of corporate market risk is more obvious. This study clarifies the influencing mechanism of micro corporate investment and macro monetary policies on stock liquidity, and enriches the research on determinants of stock liquidity. Finally, based on the conclusions, this article puts forward policy recommendations on the credit resource allocation structure, investor education, corporate investment evaluation, and corporate market value management.