Assets Injection,Liquidity Premium and Market Environments

摘要

This paper finds that market environments have a significant impact on the assets injection of major shareholders.Before the reform of non-tradable shares,if major shareholders inject assets into listed company,the return is quite small and their enthusiasm is limited.However,since they could get excess return through the magnifying effect after the reform,cases of assets injection have increased remarkably.Our empirical test also proves this viewpoint.