流动性的股票特征——基于中国证券市场的经验数据分析

在对流动性内涵认识的基础上，本文提出股票流动性的本质是股票与现金之间相互转化的能力，满足的是投资者正常的交易需求。从流动性的公司规模和成交金额特征、流动性与股价的关系和流动性水平的稳定性三个方面理论探讨和实证检验了流动性的股票特征，研究结果表明：（1）公司规模一定，可实现的成交金额越多，流动性越好；成交金额一定，公司规模越大，流动性越好；（2）股票的价格与股票流动性之间具有显著的正相关关系；（3）流动性水平在一定时期内具有稳定性。

Stock Characteristic of liquidity:An empirical analysis based on China stock market

On the recognized of essence of liquidity, we thought the essence of liquidity was the mutual-convert ability between stock and cash, and liquidity was satisfied for the normal trading demand for investors. We explored the characters of stock from theories and empirical analysis in the multi-relationship among liquidity, company size and trade volume dollar; the relationship between liquidity and stock price; and the stability of liquidity , the results showed that： first, under certain company size, if the stock could afford higher trading volume dollar, the better liquidity; and under certain trading volume dollar, the larger of the compa ny size, the better liquidity; second, the higher the stock price, the better liquidity; third, liquidity had stability character in certain period.