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The Research About Asset Liquidity Of The Chinese Listed Companies

Posted on:2014-11-20Degree:DoctorType:Dissertation
Country:ChinaCandidate:H G SunFull Text:PDF
GTID:1109330452970569Subject:Management Science and Engineering
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Liquidity is the all of market. However, there are so many researches on financialasset liquidity, and only few researches on real asset liquidity. Real asset liquidityplays an important role in assuring transaction in assets market, this paper studies theasset liquidity of Chinese listed companies from theoretical and empirical aspect. Thepaper consists of three parts:(1)the background, introduction of the problem, and thesummary of the relevant research area, also introduction of the content, structure andinnovation of the dissertation, the definition, characteristics, and ways to measureasset liquidity and measurement of asset liquidity of Chinese listedcompanies(Chapter1-2);(2)the research on the impact of asset liquidity of Chinalisted companies(Chapter3-6);(3) finally, the conclusions and prospects(Chapter7).The detailed content are as below:(1)Chapter1: Introduction. Based on the investigation of theoretical andempirical background, the problem, the content, the structure and innovation of thedissertation are introduced. Chapter2: the summary of asset liquidity theories. Basedon the definition and characteristics of asset liquidity, this papers studies the methodsof measuring asset liquidity. And also it studies the asset liquidity of Chinese listedcompanies.(2)Chapter3studies the relationship of the cost of capital and asset liquidity ofChinese listed companies. First, using analyst forecasts data from the Wind for2005to2010, this paper measures the cost of capital of the samples with several methods,and also evaluates its application. Second, it studies the relationship from corporatefinance and asset pricing theory perspective and empirically analyzes it.Chapter4studies the determinants of asset sales and its announcement effectsaffected by asset liquidity of Chinese Listed Companies. It theoretically analyses theeffect of asset liquidity on asset sales, then empirically analyses with probit model.Second, this paper uses an event study approach to study market reaction to assetsales announcement which is affected by asset liquidity. At last, it studies how assetliquidity affects announcement effects of asset sales.Chapter5studies asset liquidity, financial constraints and investment-cash flowsensitivity of Chinese listed companies. It introduces theoretical models which.assetliquidity affects investment-cash flow sensitivity and empirically analyses therelationship using endogenous switching regression model without sample separation, then studies investment-cash flow sensitivity with different internal cashes.Chapter6investigates the effect of asset liquidity on capital structure of Chineselisted companies. First it summarizes the theoretical relation between asset liquidityand debt, then empirically tests alternative theories.(3)Chapter7, the conclusions and prospects. The conclusions of dissertation, andsome prospects of the dissertation are made.
Keywords/Search Tags:asset liquidity, the implied cost of capital, asset sales, investment-cash fow sensitivity, endogenous switching regression model withoutsample separation
PDF Full Text Request
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