证券市场导报Issue(10)：66-79,14.
新常态危机情境下企业战略联盟对股票流动性的影响研究
摘要
Abstract
As dynamic changes and high complexity in the external environment become the new normal,maintaining adequate liquidity in the stock market and preventing extreme risks have become key practical concerns.Using A-share listed companies on the Shanghai and Shenzhen Stock Exchanges as the sample,this paper examines the impact of enterprise strategic alliances on stock liquidity from the perspective of organizational boundary expansion and the underlying mechanism.The research finds that enterprise strategic alliances can improve stock liquidity,and the environmental complexity and dynamism in the new-normal crisis situation strengthen this positive relationship.Mechanism tests indicate that strategic alliances enhance stock liquidity by both improving enterprise fundamentals and releasing positive signals,achieved through elevating the level of enterprise risk-taking,strengthening the degree of financial integration,and creating a positive public-opinion environment.Extended analyses show that after the COVID-19 pandemic shock when de-globalization trends are more intensified,the positive effect of strategic alliances on stock liquidity is more significant when the alliance subjects are private enterprises or belong to high-tech industries,when cooperation partners include government departments and research institutions,and when alliance content involves research and development themes.Additionally,enterprise strategic alliances have a continuous positive impact on stock liquidity.This paper provides a new perspective for understanding stock market liquidity and offers insights for strategic alliances to better function under the new-normal crisis situation.关键词
战略联盟/股票流动性/环境复杂性/环境动态性/新常态危机Key words
strategic alliances/stock liquidity/environmental complexity/environmental dynamism/new-normal crisis分类
管理科学引用本文复制引用
孙汉,连燕玲,高皓..新常态危机情境下企业战略联盟对股票流动性的影响研究[J].证券市场导报,2025,(10):66-79,14.基金项目
国家自然科学基金面上项目"制度期望、战略响应与私营企业成长机制研究"(批准号:71972073)、国家自然科学基金重点国际(地区)合作研究项目"家族企业国际化与创新:基于制度-文化的比较研究"(批准号:71810107002)、中央高校基本科研业务费专项资金资助项目"创新危机背景下研发联盟对民营企业关键核心技术创新突破的影响研究"(批准号:YBNLTS2025-038) （批准号:71972073）
