| Capital structure refers to enterprise financing ratio, it reflects the different sources of funds of enterprises, equity financing and debt financing are two sources of funds of the listing Corporation. Capital structure is an important consideration in enterprise management, it not only influences the market value of the company, but is also related to corporate governance, macroeconomic operation. Rational capital structure is of great strategic significance to the enterprise healthy and stable development, so the research is quite broad. Liquidity is a very important characteristic of stock market, liquidity for the active stock market trading liquidity has an important role, not only to guarantee the normal operation of the financial market, but also to promote the effective allocation of resources and economic development of the market. The liquidity of the stock market can influence the capital structure of company, the liquidity of the stock on the stock is expected to influence the rate of return, and thus affect the stock cost of issuance, which have an impact on the capital structure of the company. Similarly, the capital structure of the listing Corporation will also have an impact on the stock liquidity, debt capital structure of company in the proportion will have an impact on the bankruptcy risk of the company, managers will be different faces a loss of control, loss of reputation risk, so capital structure will affect the information asymmetry between managers and investors degree, and then produce the effect of liquidity on stock.The theme of this paper is the relation between capital structure and stock of China’s GEM Listing Corporation liquidity. Since October23,2009since the start of the gem in the past five years, scholars of the second board market and listing Corporation that, due to the inconsistency degree of market conditions, the company, financial system is bigger, the related theory in western countries do not effectively explain and guide China’s GEM Listing Corporation. Therefore, in order to provide a new thought for the study of listing Corporation capital structure theory of second board market in our country, the research to further expand the problem of China do poineering work board the stock flow, regulatory agencies, listing Corporation and investors to provide relevant recommendations on the management of capital structure and stock liquidity. This paper will be divided into the following six chapters to the analysis of the relationship between China’s gem stock capital structure and liquidity.The first chapter is introduction. Introduces the background and significance of the topic, and points out that the gem is the our country stock market characteristics, the listed companies represent most of the business enterprise of our country, hope that through the research on the plate, and provide the solutions as part of the financing decision-making and management of stock related to do poineering work board the company liquidity.The second chapter is literature review. In this chapter, through literature review, understanding of the research of previous scholars on the capital structure and stock liquidity, and a brief introduction about the relationship between the two, scholars put forward different assumptions and hypotheses of the theory behind.The third chapter is the theoretical basis of. This chapter introduces readers to the capital structure and stock liquidity range of definition and measurement, and according to the related theory analysis to understand the basic principles of the relation between the two, for the following empirical pave the way for the research.The fourth chapter is the empirical study design. The relationship between the two directions of this chapter first mutual influence on capital structure and stock liquidity respectively make assumptions, according to the second chapters, respectively, select the appropriate measure of capital structure and stock liquidity variables, control variables influence the choice and analysis of influencing factors of capital structure and stock liquidity. Select the appropriate sample data, and descriptive statistics of the variables of information. With our country stock market data as the sample, using empirical econometric analysis method of experience the relationship between the stock liquidity and capital structure of the listing Corporation. In the specific empirical research, this paper firstly summarizes the influencing factors of capital structure of company and stock liquidity, and through the comparison of various indicators, liquidity has selected the effective velocity, weak liquidity three liquidity indicators to measure the stock, selected book liabilities rate of total assets to measure the company’s capital structure. An empirical model using simultaneous equations model, in order to avoid endogeneity and excessive recognition problem. By using the method of two stage least squares empirical analysis of the relationship between capital structure and the liquidity estimation.The fifth chapter is the empirical study results and analysis. Will be the main empirical research design output results of the fourth chapter for display and analysis. Through the empirical results of the form, can be respectively see first-order least-squares method and two order least squares results, including all influence the capital structure and stock liquidity factors regression coefficient and significant level, and the analysis and interpretation of results.The sixth chapter is the research conclusion and policy suggestion. The first chapter of the full text of the theoretical analysis and empirical research conclusion makes a summary, obtains the GEM market capital structure and stock liquidity in China exist mutual influence conclusion. In the venture capital market in China, asset liability ratio measurement of capital structure is greater, the higher the proportion of debt, stock liquidity is lower and lower, and vice versa. This chapter will finally in profits from the overseas advanced experience of mature markets, and on the basis of theoretical analysis and empirical research, this paper puts forward some policy suggestions on the development of China’s securities market. |
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