【摘要】 本文以中国A股上市企业2011—2013年的公开财务数据为样本,实证分析了资产流动性与企业投资行为之间的关系。结论表明,企业投资水平与资产流动性负相关;相对于主板上市企业,中小板和创业板上市企业具有更高的投资-流动性敏感度;中小板和创业板上市企业资本结构与资产流动性负相关,而主板上市企业资本结构与资产流动性却是正相关。更多还原

【Abstract】 This paper empirically analyzes the effects of asset liquidity on corporate investment. Using public financial data from 2011 to 2013 of all the A-share listed firms in china,we obtain a new conclusion that the investment is negatively related to asset liquidity. Further analysis reveals that SMEs board and GEM enterprises have a higher sensitivity of investment to liquid assets than main board enterprises. In addition,the results show that there has a positive correlation between the leverage and asset liquidity in main board,and a negative correlation in SMEs board and GEM.更多还原