本文探討了 2008 年金融危機作為外生衝擊，分析股票流動性對公司違約風險的影響。研究結果顯示，流動性的增加能夠有效降低公司的違約風險，股票流動性提升可透過以下三個途徑降低違約風險：首先，增強價格效率，使得市場價格能夠更準確地反映公司價值；其次，改善公司治理，增加管理層的透明度和責任感；最後，減少股價波動性，降低市場的不確定性，而在這三個管道中，價格效率的提升對降低違約風險的解釋力最好。;This paper investigates the impact of stock liquidity on corporate default risk, using the 2008 financial crisis as an exogenous shock. The research findings indicate that an increase in liquidity can effectively reduce a company′s default risk. The enhancement of stock liquidity can lower default risk through three main channels: firstly, by increasing price efficiency, allowing market prices to more accurately reflect the company′s value; secondly, by improving corporate governance, which enhances management transparency and accountability; and thirdly, by reducing stock price volatility, thereby decreasing market uncertainty. Among these channels, the improvement in price efficiency has the strongest explanatory power for reducing default risk.
