论文标题
公司治理，噪音交易和股票流动性
Corporate Governance, Noise Trading and Liquidity of Stocks
论文作者
论文摘要
我们的主要任务是研究公司治理对上市公司股票市场流动性的影响。我们建立了一个理论模型，其中包含投资者信念的异质性，以解释公司治理改善公司股票流动性的机制。在此过程中，我们发现在市场上半信息的噪声交易者的存在是公司治理具有改善股票流动性的影响的重要条件。我们进一步发现，这种效果的优势受噪声交易者参与市场交易的程度的影响。我们的模型表明，公司治理和噪声交易者参与交易的程度对提高股票的流动性具有协同作用。
Our main task is to study the effect of corporate governance on the market liquidity of listed companies' stocks. We establish a theoretical model that contains the heterogeneity of investors' beliefs to explain the mechanisms by which corporate governance improves liquidity of the corporate stocks. In this process we found that the existence of noise traders who are semi-informed in the market is an important condition for corporate governance to have the effect of improving liquidity of the stocks. We further find that the strength of this effect is affected by the degree of noise traders' participation in market transactions. Our model reveals that corporate governance and the degree of noise traders' participation in transactions have a synergistic effect on improving the liquidity of the stocks.
