Abstract

This paper studies the impact of liquidity of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2012 to 2015 on the value of the company, and divides them into groups to study the trend effect of liquidity on the change of the company's value. The results show that stock liquidity has a positive impact on corporate value, and stock liquidity has a positive impact on corporate value mainly through the two paths of capital structure and operating efficiency. In addition, the higher the stock liquidity is, the faster the growth rate of corporate value is, and the trend effect of increasing marginal effect is produced.

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