Journal of Financial Markets·Volume 39·June 2018

暴露于外国竞争会影响股票流动性吗？来自行业进口数据的证据

作者：Nader Atawnah（Department of Economics and Finance, La Trobe University, Australia）

Balasingham Balachandran（Department of Economics and Finance, La Trobe University, Australia）

Huu Nhan Duong（Department of Banking and Finance, Monash University, Australia）

Edward J. Podolski（Department of Finance, Deakin University, Australia）

摘要：我们发现了外国竞争与股票流动性之间的负相关关系。我们的结果对于解决内生性问题是非常稳健的。我们认为由于外部竞争增加导致的信息环境恶化是主要结果背后的原因。具体而言，我们发现负向关联在更容易受到外国竞争负面影响的企业和监管不力且分析师覆盖率较低的企业之间更为明显。我们的论文有助于理解贸易自由化对金融市场质量的外部性。

关键词：股票流动性，信息不对称，外国竞争，进口关税

Does exposure to foreign competition affect stock liquidity? Evidence from industry-level import data

Nader Atawnah（Department of Economics and Finance, La Trobe University, Australia）

Balasingham Balachandran（Department of Economics and Finance, La Trobe University, Australia）

Huu Nhan Duong（Department of Banking and Finance, Monash University, Australia）

Edward J. Podolski（Department of Finance, Deakin University, Australia）

ABSTRACT

We document a negative association between foreign competition and stock liquidity. Our results are robust to addressing endogeneity concerns. We identify deterioration in the information environment in response to an increase in foreign competition as the channel behind the main result. Specifically, we find that the negative association is more evident among firms that are more susceptible to the negative consequences of foreign competition and firms that are poorly monitored and have lower analyst coverage. Our paper contributes to the understanding of the externalities of trade liberalization for financial market quality.

Keywords：Stock liquidity; Information asymmetry; Foreign competition; Import tariff

原文链接：https://www.sciencedirect.com/science/article/pii/S138641811730112X#!

翻译：何杉