Research On The Effect Of Stock Liquidity On Company Value:Evidence From Biomedical Industry

As China strategic emerging industry,the biomedical industry is the most important part in global industrial competition after the Internet industry.Companying with accretion of population and per capita income increasing,the market of biomedicine has been developed rapidly.In 2015,the state carried out medical reform,requiring enterprises to make innovative changes to upgrade new pharmaceutical technologies in the biomedical industry.In 2020,the new coronavirus pneumonia taking place in the world caused a serious shortage of nucleic acid testing reagents,and many developed countries have also experienced undetectable levels of demand for biomedical products,which has had a dramatic impact on socio-economic development.As an important support for epidemic prevention and control and the improvement of public health system,the optimal development of biomedical industry is of great importance to the circumstances of society and economic development.As the most important part of the industry operation,enterprises enjoy a crucial part in boosting the entirety progress of the industry,the transformation and upgrading of the industry,but at present the reform of biomedical enterprises is relatively slow,the technological innovation and development of enterprises are not enough to support the overall optimization of China public health system.It is urgent to study the development of biopharmaceutical industry from the company level and explore the path of transformation,upgrading and optimal development of the pharmaceutical industry.At present,most of the research on China's biopharmaceutical industry is focused on market concentration and industry cluster,and the research on listed biopharmaceutical companies is relatively few.The development of biopharmaceutical industry shows and reflects the development of biopharmaceutical industry to a certain extent because of its security,confidentiality and high technology intensity.By the end of 2018,there were 295 listed companies in the bio-pharmaceutical industry,which is of great significance to the development of the bio-pharmaceutical industry.Corporate value is an objective measure of the comprehensive value of listed companies,and a comprehensive measure of the sustainable development ability of companies,while stock liquidity is a direct reflection of the management and management level of listed companies in the stock market,it has great influence on the financing environment and operating environment of the company.Research on the relationship between stock liquidity and corporate value,considering the sustainable development of listed companies from the perspective of stock liquidity,and studying the promotion of corporate value from the perspective of operating ability and risk management ability,it is of great significance for the development of biopharmaceutical industry to comprehensively evaluate and study the development of biopharmaceutical listed companies.Based on the classification of biomedical industry in CSMAR,this paper takes the corresponding data of Chinese a-share listed companies from 2010 to 2018 as the research sample,and from the perspective of Microstructure,multivariate linear regression was used to examine the impact of stock liquidity on the corporate value of the biomedical industry.First of all,introducing the characteristics of the biomedical industry,the particularity of the development of the current situation of industry and the lack of a corresponding carding and analysis.Secondly,this paper uses Tobin'q as the proxy variable of the company's value,the non-liquidity index to measure the liquidity of the stock,and the turnover rate as the robustness test,empirical analysis of the impact of stock liquidity on corporate value.The results show that there is a significant positive correlation between stock liquidity and company value,and higher stock liquidity has a positive effect on company value because of low leverage and high operating efficiency.Finally,from the government and listed companies respectively on how to improve the stock liquidity of listed companies,reduce financial leverage and enhance the value of listed companies to propose countermeasures.