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Financial Innovation

Table 14 Liquidity, firm size, and financing

From: Stock liquidity, financial constraints, and innovation in Chinese SMEs

 

CFF

 

Large firms

SMEs

CPQS

− 0.841*

− 118.329***

 

(9.572)

(24.316)

TSHARE

0.047

− 0.048

 

(0.035)

(0.037)

SHRHFD5

2.300**

− 39.843***

 

(7.039)

(8.101)

TO

− 57.802

− 65.964***

 

(39.354)

(16.559)

RET

0.484*

27.281***

 

(3.055)

(7.420)

FREE

0.015

− 0.089

 

(0.048)

(0.063)

VOL

0.123

− 3.900***

 

(0.696)

(1.052)

EARN

− 3.080

13.931

 

(19.514)

(10.583)

INTAN

1.850

6.861

 

(12.280)

(7.846)

LEV

− 6.243*

64.109***

 

(3.492)

(9.763)

ROE

− 3.835

− 11.539

 

(7.838)

(8.276)

Q

− 0.545*

− 2.741***

 

(0.529)

(0.683)

BTM

− 7.583**

2.617

 

(3.633)

(5.090)

CAPITAL

− 0.683

95.699***

 

(3.896)

(22.934)

SALES

0.001*

0.168***

 

(0.002)

(0.026)

lnAGE

− 1.159

− 1.877

 

(2.140)

(1.573)

CONSTANT

16.695*

− 111.958***

 

(11.068)

(36.974)

Year dummies

Yes

Yes

Industry dummies

Yes

Yes

N

11,838

4,719

Adj.R2

0.124

0.020

  1. This table presents the pooled OLS estimation results for the relationship between stock liquidity and cash flow from financing activities (CFF) for large firms and SMEs, respectively with double-clustered adjustments. N is the number of firm-year observations. ***, ** and * denote statistical significance at the 1%, 5% and 10% levels, respectively
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