暨南学报(哲学社会科学版)

作者：谭春枝, 闫宇聪

单位：广西大学商学院教授;闫宇聪,广西大学中国—东盟金融开放门户研究院助理研究员。

关键词：企业债务违约风险,股票流动性,内生性,融资行为

基金：国家自然科学基金项目“政治关联与企业债券违约风险:形成机理及其经济后果”(批准号:71963001);广西高校人文社会科学重点研究基“广西发展战略研究院”课题研究成果;广西自然科学基金项目“广西科技金融风险投资管理理论与方法研究”(批准号:2018GXNSFBA050012)。

近年来,企业债务违约风险及其经济后果引起了社会各界的广泛关注。本文以2009年至2018年间中国A股上市公司为样本,研究了企业债务违约风险对股票流动性的影响。实证结果表明:企业债务违约风险对股票流动性存在显著的负向影响。在利用工具变量法以及倾向得分—双重差分法缓解内生性并进行一系列稳健性测试后,该结论依然成立。同时,企业债务违约风险对股票流动性的影响具有异质性:国有企业债务违约风险对股票流动性的负向影响要弱于非国有企业;位于市场化程度较高地区的上市公司,其债务违约风险对股票流动性的负向影响更大。此外,本文还进行了中介效应研究,发现企业债务违约风险会通过抑制投资者的融资行为,对股票流动性产生负向影响。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"fundList_cn":["国家自然科学基金项目“政治关联与企业债券违约风险:形成机理及其经济后果”(批准号:71963001);广西高校人文社会科学重点研究基“广西发展战略研究院”课题研究成果;广西自然科学基金项目“广西科技金融风险投资管理理论与方法研究”(批准号:2018GXNSFBA050012)。"],"article":{"keywordList_cn":["股票流动性","内生性","企业债务违约风险","融资行为"],"juan":"42","zhaiyao_cn":"近年来,企业债务违约风险及其经济后果引起了社会各界的广泛关注。本文以2009年至2018年间中国A股上市公司为样本,研究了企业债务违约风险对股票流动性的影响。实证结果表明:企业债务违约风险对股票流动性存在显著的负向影响。在利用工具变量法以及倾向得分—双重差分法缓解内生性并进行一系列稳健性测试后,该结论依然成立。同时,企业债务违约风险对股票流动性的影响具有异质性:国有企业债务违约风险对股票流动性的负向影响要弱于非国有企业;位于市场化程度较高地区的上市公司,其债务违约风险对股票流动性的负向影响更大。此外,本文还进行了中介效应研究,发现企业债务违约风险会通过抑制投资者的融资行为,对股票流动性产生负向影响。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6446","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6446","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2020/V42/I9/84","qi":"9","id":6446,"nian":2020,"bianHao":"2020-9-84","zuoZheEn_L":"TAN Chunzhi, YAN Yucong","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2020","shouCiFaBuRiQi":"2020-07-27","qiShiYe":"84","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2020/V42/I9","lanMu_cn":"经济·管理","pdfSize":"1561","zuoZhe_CN":"谭春枝, 闫宇聪","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6446","title_cn":"企业债务违约风险影响股票流动性吗？","jieShuYe":"102","keywordList_en":["default risk","endogenousness","financing behaviors","stock liquidity"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6446","zhaiyao_en":"In recent years, the risk of corporate debt default and its economic consequences have aroused widespread attention of people from all walks of life. 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来源：2020年第9期

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