| The stock liquidity of an enterprise can reflect its operating efficiency and future development prospects to some extent.The 18 th CPC National Congress and the Third Plenary Session of the 19 th CPC Central Committee respectively proposed the establishment of a standardized,transparent,open,dynamic and resilient capital market and the important measures to resolutely prevent and defuse financial risks.And corporate stock liquidity has a very important impact on capital market and financial market.Therefore,it is of great significance to study the stock liquidity of enterprises to improve the overall management quality of enterprises,improve the establishment of capital market and guarantee the smooth operation of financial markets.China is a typical "relational" society.Social network has gradually become a way for enterprises to obtain or exchange limited resources.At the same time,the existence of social network also has constraints and influences on the behaviors of "inner circle" members.As the main executor of corporate decisions,the social capital formed by CEO in the social network will have an effect on the attitude and development deployment of relevant decisions of his enterprise,so it may affect investors’ psychological expectations on the operation and investment activities and future development prospects of the enterprise,and ultimately affect the stock liquidity of the enterprise.Therefore,based on the above considerations,this paper takes corporate stock liquidity as the main body of research to investigate the effect of CEO social capital on corporate stock liquidity.At the same time,based on the external supervision role of institutional investors,this paper also analyzes how institutional investors exert influence on the relationship between the two.On the basis of the previous research,this paper further analyzes the effect path of CEO social capital on corporate stock liquidity and whether there are differences in the effect of different types of social capital on corporate stock liquidity.Therefore,under the specific background of China’s economic transition and "relational" trading culture,this paper takes the stock liquidity level of all A-share enterprises from 2012 to 2021 as research samples,and firstly explores the impact of CEO social capital on the stock liquidity of listed companies through model regression and other methods.Secondly,this paper studies the regulating effect of institutional investors on CEO social capital and corporate stock liquidity.Then,this paper further tests the path of CEO social capital’s effect on corporate stock liquidity.Finally,this paper also examines the impact of different types of CEO social capital on corporate stock liquidity.This paper draws the following conclusions:(1)The richer the CEO’s social capital,the higher the corporate stock liquidity;(2)A higher proportion of institutional investors will enhance the positive relationship between CEO social capital and stock liquidity;(3)From the perspective of information asymmetry,CEO social capital can reduce the degree of information asymmetry between management and investors and thus improve the level of stock liquidity;From the perspective of resources,CEO social capital can improve stock liquidity by improving innovation input and output.From the perspective of corporate image,CEO social capital can improve stock liquidity by enhancing corporate value;(4)Among different types of CEO social capital,CEO business social capital,CEO overseas social capital,CEO trade association capital,CEO alumni social capital,and CEO technology social capital have a significant promoting effect on the improvement of corporate stock liquidity.However,the effect of CEO financial social capital and CEO institutional social capital on stock liquidity is not significant. |
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