Professor Zhang Qunzi’s Team Publishes Research in Authoritative Economics and Management Journal Journal of Financial Research

Recently, the research paper Enterprise Standardization Construction and Stock Liquidity Research by Professor Zhang Qunzi, doctoral student Liu Yinwei and Postdoctoral Fellow Geng Chunxiao (corresponding author) from the School of Economics at Shandong University was published in Issue 11, 2025 of Journal of Financial Research, an authoritative economics and management journal. This paper is one of the phased achievements of the National Natural Science Foundation for Excellent Young Scholars Financial Risk Measurement and Early Warning (Project No. 72222013).

Standard leadership is an important symbol for an economy to move towards high-quality development and participate in high-quality competition. The utility of standards has been proven to have a profound impact on the vitality and efficiency of commodity and factor markets. Commodity, factor and capital markets, as the three core markets of the modern economic system, are closely linked through the behaviors of market players. As the highest form of market system, the efficiency and vitality of the capital market are closely related to commodity and factor markets. Therefore, the impact of standards on market vitality may spread from commodity and factor markets to the capital market, but no research has paid attention to the effectiveness of standardization construction in the capital market.

This paper manually sorted out the standard information of listed companies in China and investigated the impact effect and mechanism of standardization construction on stock liquidity. The study finds that standardization construction significantly improves stock liquidity, and the core mechanism is to enhance enterprise market competitiveness and alleviate information asymmetry. Further research finds that standardization construction further reduces the risk of enterprises falling into financial distress and then defaulting by improving stock liquidity.

This paper innovatively expands the research framework of the economic consequences of standardization construction from commodity and factor markets to the capital market, helping to deepen the all-round understanding of the economic effectiveness of standardization. At the same time, this paper constructs a logical chain from the adjustment of entity enterprise behavior to the improvement of capital market efficiency and finally back to the reduction of entity risks, which is conducive to revealing the benign interaction process and micro-mechanism between the entity field and the financial system.