中文摘要：

流动性是金融市场的灵魂。作为资产的一种特征，它对资产定价具有重要的影响作用。流动性不仅是单个资产的特征，而且是一种系统性因素。各个资产的流动性之间相互影响、相互作用，即存在流动性共性。市场流动性对单个资产的流动性具有显著的影响作用。流动性作为一种系统性风险是否已经被风险厌恶的投资者定价？本文创新性地根据系统性风险定价的研究过程，对国内外流动性风险定价的研究文献进行了较为全面和系统的综述，为今后流动风险的研究提供一个参考。

英文摘要：

Liquidity is the soul of financial market. As an asset characteristic, it has an important effect on asset pricing. Liquidity is not only an asset characteristic, but also a systematic factor. There is covariation and comovement in liquidity among assets, i.e. li- quidity commonality. Market liquidity has a significant impact on individual assets＇ liquidity. Has liquidity been priced as a sys- tematic risk by risk-averse investors？ This paper is the first one to give a comprehensive and systematic review of the literature on the pricing of liquidity risk according to the research steps of the pricing of systematic risk. We aim at providing a reference for fu- ture research on liquidity risk.