Corporate liquidity and firm value: evidence from China's listed firms

被引：4
|
作者：
Du, Jinmin [1 ]
Wu, Fei [2 ]
Liang, Xingyun [1 ]
机构：
[1] Jinan Univ, Sch Econ, Guangzhou, Guangdong, Peoples R China
[2] S China Normal Univ, Coll Econ & Management, Guangzhou, Guangdong, Peoples R China
来源：
2015 INTERNATIONAL SEMINAR ON SOCIAL SCIENCE AND HUMANISTIC EDUCATION (SSHE 2015) | 2016年 / 24卷
关键词：
liquidity; firm value; R&D; firm size; CASH HOLDINGS;
D O I：
10.1051/shsconf/20162401013
中图分类号：
G40 [教育学];
学科分类号：
040101 ; 120403 ;
摘要：
The value of liquidity is a promising area for research. This paper analyzes the correlation between corporate liquidity and firm value by using evidence from China's listed firms. This paper also investigates the relation among corporate liquidity, R&D and firm size. The authors find that firm's sufficient liquidity can increase its market value. However, corporate liquidity has insignificant effect on firm's R&D. What's more, the authors further find that corporate liquidity also has diseconomies of scale. Excess corporate liquidity may adversely affect market value of large firms.
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收藏
页数：4
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