文献类型：期刊文献

中文题名：Stock transferability,the managerial learning effect and corporate innovation

作者：Xuehang Yu[1];Junxiong Fang[2]

机构：[1]School of Business,East China University of Science and Technology,China;[2]School of Accounting,Zhejiang University of Finance and Economics,China

年份：2024

卷号：17

期号：1

起止页码：1

中文期刊名：China Journal of Accounting Research

外文期刊名：中国会计学刊（英文版）

收录：Scopus

基金：funded by grants from the Natural Science Foundation of China(No.72272132;71872048).

语种：英文

中文关键词：Stock circulation rights loss;Discretionary stock halt;Managerial learning effect;Innovation

摘要：This paper considers stock halts to study the impact of stock liquidity loss on the managerial learning effect based on stock prices.We examine stock halts’impact on corporate innovation and find that discretionary halts hinder innovation.We also find that discretionary halts reduce information quality and increase financial constraints and agent costs.Cross-sectional tests show that this negative impact is more pronounced in samples with high shareholding ratios by large shareholders,institutional investors and private firms.The results indicate that the loss of non-institutional stock trading rights,represented by discretionary stock halts,affects revelatory price efficiency in the secondary market,hinders managers’learning effect and affects enterprises’production and operation decisions.These findings have policy implications for stock circulation-right protection and Chinese capital-market reform.