Does the Stock Market Affect the Real Economy? An Empirical Analysis Based on China’s Stock Market Liquidity

Table 12

Verification of the microlink between stock liquidity and enterprise investment by macropolicies (margin trading group is to verify the impact of stock illiquidity on enterprise investment before and after the margin trading policy, so the sample of stocks not participating in margin trading is deleted, and the number of samples is 9334. Similarly, the share-trading reform group deleted the data of stocks that had not participated in the share-trading reform, leaving 15390 samples).

Dependent variable	(a)	(b)	(c)	(d)	(e)	(f)
		−0.0052	−0.0047	−0.0079	−0.0073	−0.0064	−0.0062
(−2.84)		(−2.60)	(−4.01)	(−3.82)	(−3.67)	(−3.62)
	0.0059	0.0058	0.0073	0.0069	0.0955	0.0921
	(2.77)	(2.80)	(3.46)	(3.41)	(2.70)	(2.68)
Dummy	0.1252	0.1251	0.1757	0.1665	0.0055	0.0056
	(2.67)	(2.71)	(3.93)	(3.87)	(3.14)	(3.26)
Control	Yes	Yes	Yes	Yes	Yes	Yes
Firm	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
	9318	9318	15390	15390	17515	17515
	0.108	0.082	0.090	0.068	0.089	0.068