投资、股票流动性和管理质量

文章探讨了俄罗斯上市公司的股票流动性、财务灵活性、管理质量和投资之间的复杂关系。固定资产的成本和数量影响着企业的资产价值，而资产价值又决定着股价。股价是决定公司财务状况的客观指标。通过管理质量可以评估公司吸引投资的能力。股权流动性与投资有因果关系。财务灵活性影响管理层为吸引更多资本投资而调整资本结构的活动。此外，财务灵活性还能使公司在限制（制裁）措施下对投资者的建议做出迅速反应。俄罗斯公司的管理层不仅影响股价（通过调整风险），还影响投资机会。
作者指出了投资时管理层诚信的标准。信息不对称会影响公司的财务政策。在平衡的财务政策和高质量的财产支持条件下，投资机会是有利的。拥有高水平财产支持的公司具有必要的债务潜力，即有能力及时履行对债权人的义务。资产不仅决定股价，还决定商业机构的财务状况和投资吸引力。财产抵押是决定选择融资来源的一个重要因素，要考虑到其价格（逆向选择问题）。作者介绍了使用动态面板数据模型（阿雷利诺-邦德广义矩法）进行估算的结果。该模型使我们能够解决内生性问题--解释变量与回归误差的相关性。

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