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首页> 外文期刊>Journal of Financial Economic Policy >Bank leverage and stock liquidity: evidence from BRICS countries
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Bank leverage and stock liquidity: evidence from BRICS countries

机译：银行杠杆和股票流动性：来自金砖国家的证据

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摘要

Purpose - The purpose of the study is to explore the relationship between bank leverage and stock liquidity. Design/methodology/approach - A simultaneous equations model and a two-stage least squares method were used to find the above-mentioned relationship, using data from all the listed banks of the BRICS countries, for the years 2007-2014. Findings - A decrease in leverage results in lower stock liquidity of the banks. Bank leverage is a significant determinant of stock liquidity, but changes in stock liquidity do not explain the variation in bank leverage. However, in the case of small banks, an increase in stock liquidity results in lower leverage. In the case of large banks, bank leverage and stock liquidity are significant determinants of each other, and the relationship between them is positive. Practical implications - An increase in high quality capital, as required by the Basel III accord, will result in lower stock liquidity of the banks in emerging markets. However, stock liquidity shocks do not affect the leverage of banks. Originality/value - To the best of the authors'knowledge, this study is the first one to explore the relationship between leverage and stock liquidity of financial firms. It contributes to the existing literature on bank liquidity and capital structure and helps managers and policy makers to formulate better policies.
机译：目的-研究的目的是探索银行杠杆与股票流动性之间的关系。设计/方法/方法-利用联立方程模型和两阶段最小二乘法，使用金砖国家2007-2014年所有上市银行的数据，找到上述关系。调查结果-杠杆下降导致银行的股票流动性降低。银行杠杆是股票流动性的重要决定因素，但是股票流动性的变化不能解释银行杠杆的变化。但是，对于小型银行，股票流动性的增加导致杠杆率降低。对于大型银行，银行的杠杆率和股票流动性是彼此的重要决定因素，两者之间的关系是正的。实际意义-根据巴塞尔协议III的要求，增加高质量的资本将导致新兴市场中银行的股票流动性降低。但是，股票流动性冲击不会影响银行的杠杆率。原创性/价值-尽作者所知，本研究是第一个探索金融公司的杠杆与股票流动性之间关系的研究。它为有关银行流动性和资本结构的现有文献做出了贡献，并帮助管理人员和决策者制定了更好的政策。

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