Abstract
For a long time, investment has played a key role in stimulating the economic growth of our country, but the low investment efficiency of listed companies has hindered listed companies from entering the stage of high-quality development. With the reform of financial market and the rapid development of China's capital market, the impact of capital market on the investment efficiency of listed companies has been paid more and more attention. Relevant studies have shown that stock liquidity can have an obvious effect on internal factors such as stock price information content, agency cost, management compensation incentive, etc., and then can have a certain effect on its investment efficiency. This paper selects A-share non-financial listed companies from 2013 to 2022 for empirical test, and finally draws A relatively robust conclusion: stock liquidity has a promoting effect on enterprise investment efficiency.
Published Version
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