Study On Correlation Between Stock Liquidity And Capital Structure Of IT Industry Listed Companies

In recent years,the IT enterprise capital market has become more and more popular and favored by the stock market investors.China's IT industry listed companies are mainly innovative small and medium-sized enterprises with high growth and high technology.They are different from those listed on the main board market in terms of financing strategy and financing mode.This paper takes the relationship between capital structure and stock liquidity of IT listed companies in China as research contents,with a view to provide reference for IT industry's listed companies and market investors' financing and investment decisions.First of all,this article reviewed well known and widely recognized by the relevant conclusions and opinions,and collated and summarized the main views and conclusions of the academic circle.Then,this paper defined the concept of capital structure and liquidity,and introduced the measurement methods of capital structure and liquidity respectively.On this basis,the relevant important theories of capital structure and liquidity are expounded in detail.Secondly,based on the "forefathers" of the relevant basis,made the relevant discussion of the practical proof of research.This paper selects China's IT industry,82 listed companies in 5 years annual data as the study sample,Used the asset liability ratio as the measure variable of capital structure,the ILLIQ index as the stock liquidity measure variable,set the size of the enterprise,growth and price as the control variables of capital structure and stock liquidity respectively,Used simultaneous equations model analysis,combined with the theory of combining the actual situation of our country using the method of qualitative analysis of listed the software services industry in China at the present stage of enterprise stock liquidity and capital structure have discussed to some extent.Then the hypothesis is verified with the correlation theory,and the robustness test is carried out.Thirdly,the conclusion of this paper is that there is a significant negative correlation between the liquidity of Chinese IT industry stock and its capital structure.That is to say,stock liquidity trend to increase as the level of financial leverage decreases,and at the same time,the level of financial leverage also trend to decrease with the increase of stock liquidity.In addition,there is a positive correlation between the capital structure and the proportion of circulation shares,the growth of the company,the scale of the company and so on,which has a negative correlation with the factors of ownership concentration and profitability.Stock liquidity is positively correlated with the proportion of tradable shares in the previous period,enterprise size and volume,and negatively related to yield,volatility and other factors.Finally,summarize the conclusions of this study,according to the conclusion of the research,this paper proposed the coordinated development of regulatory bonds and stock market,IT company planning to develop reasonable project to improve profitability,improve the quality of investors rational operation suggestions,also hope that through this study can provide a reference for future researchers.