Regional Culture Research On The Effects Of Liquidity Risk Of The Listed Companies

This thesis introduces cultural factor into the research of corporate finance and tries to prove that culture is an important factor which affects the liquidity risk of listed companies. This thesis firstly reference to the cultural field researchers’results and proposes two of the most significant Chinese traditional culture category, named nomadic culture and farming culture. Then by summing up these researchers’results, in China’s internal, demarcates the region which is strongly affected by the nomadic culture and anther region which is strongly affected by the farming culture. Third we use the Schwartz culture scale of Chinese version to verify that between the two designated culture field does exist significant cultural differences.This thesis using multiple linear regression method, verifies that between the nomadic culture and the listed company’s liquidity risk existing the significant correlations. The listed companies that is affected by the nomadic cultur compared to the listed companies that is affected by the farming culture, Bear the higher liquidity risk, and when facing external events that indicates huge financial pressure nomadic cultur companies have the lower degree of response. This thesis uses many different Be explained and explanatory variables and conducted a number of robustness tests to enhance the thesis’persuasive.Finally this thesis have an exploratory research, by studying The cases of radical culture causes liquidity crisis find that excess Construction Investment and Long-term equity investments may be an important way to explain the culture cause liquidity crisis. And through further empirical research proves this conclusion.