中文摘要：

从股票价格的形成过程入手提出可交易价值的概念,指出名义股价、流动性和波动性是其可能的影响因素。接着运用面板数据分析法对我国股市的周交易数据进行实证,发现可交易价值对股票的定价行为具有解释能力,且在不同市场环境下的表现形式不同：上涨行情中投资者偏好低价格、高流动和高波动的股票组合,下跌行情中则相反;走势平稳的市场中名义股价因子影响力最强,而流动性因子和波动性因子则在急涨急跌背景下更具影响力。

英文摘要：

Starting from stock prices＇ forming process,the paper gives definition of stock tradable value and points out that nominal price,liquidity and volatility will be the main factors influencing tradable value.Then focusing on weekly data of Shanghai and Shenzhen Stock Market,the paper conducts empirical study using the method of Panel Data Analysis,and finds that tradable value is capable of interpreting stock pricing and the interpretation takes different forms under different market environment： investors will prefer low price,high liquidity and volatility level under Bull market and vice versa,the price will has the greatest influence on tradable value when the market trend is relatively more gentle but the impact of liquidity and volatility will be more active when the market trend is sharper.