liquidity can be divided into three gradations:monetary liquidity, bank system liquidity and market liquidity. Closely connections and interactions exist between the three. According to liquidity asset pricing theory, more liquid financial asset has the lower cost. Because of the interaction between the three gradations of liquidity, when the level of external liquidity is higher, the cost of stock financing is found and debt financing may fall at the same time. Employing probit regression technique, different gradations of liquidity has different impact on stock fi-nancing and debt financing is found. It is found that the probability of debt financing increases with increasing mo-netary liquidity and bank system liquidity, and the probability of stock financing increases with increasing market liquidity.%流动性可分为货币流动性、银行流动性和市场流动性三个层次,三者之间互相影响,联系紧密.根据流动性资产定价理论,流动性越高的金融资产的资本成本越低.但是由于不同层次流动性间的互相影响,外部流动性水平越好时,股权融资和债务融资的资本成本可能同时下降.基于Probit二元选择模型的实证结果表明,不同层次的流动性对股权融资和债务融资的影响是不同的.货币流动性、银行流动性越好的情况下,上市公司以债务融资的概率上升.股票流动性越好的情况下,上市公司以股权融资的概率上升.
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