本研究以2015年至2023年間台灣上市公司共計6,917筆公司年度觀察值為樣本，探討股票流動性對企業投資及生產力的影響。研究結果發現，當股票流動性較差時，企業投資亦隨之下降，且即使考量內生性問題及穩健性測試後，這一負向關係仍然穩健存在。此外，研究也發現，對於財務限制較高的企業而言，股票流動性不足對投資的負面影響更為明顯。進一步分析指出，面臨流動性限制的企業並未提升資本配置效率，反而因流動性壓力導致營運效率惡化。

This study is based on 6,917 firm-year observations of listed companies in Taiwan from 2015 to 2023. The aim is to examine the impact of stock liquidity on corporate investment and corporate productivity. I find that when stock liquidity is lower, corporate investment also decreases, and this negative relationship remains robust even after addressing endogeneity concerns and conducting robustness tests. I also find that the negative impact of stock illiquidity on investment is even more substantial for firms with higher financial constraints. Furthermore, I find that firms facing liquidity constraints do not enhance their capital allocation efficiency; instead, liquidity pressures exacerbate operational inefficiencies.

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