Securities Investment Funds and Stock Liquidity: Based on Panel Data of Chinas A-share Market
The vitality of securities market is liquidity, and as one of the important kind of market participants, securities investment fund should have significant influence on market liquidity. Market liquidity is measured against the turnover rate, and the panel data of China A-share market between the years of 2003 and 2008 are utilized in the present study. This article examined how securities investment fund holdings influenced the fluidity as well as its liquidity preference. The results are as followings: 1) The higher the shareholding is, the worse the liquidity is; 2) The stocks with bad liquidity are preferred by the fund; 3) the bigger the company is, the better the liquidity is, and, the fund investments tend to hold a considerable number of stocks with low asset-liability ratio and low P/E ratio.
liquidity securities investment fund turnover rate panel data
ZHAO Haiyan CHEN Jiakui
School of Economics and Management, Shandong Institute of Light Industry, P.R.China, 250353
国际会议
威海
英文
607-611
2010-07-24（万方平台首次上网日期，不代表论文的发表时间）