流动性是市场的一切,证券市场的流动性具有价值。本文首先从理论上对流动性价值进行界定,然后对流动性价值的研究方法进行梳理,结果发现,常用的研究方法大致分为三类,即流通受限股票方法、IPO方法和其他方法:同时,大量实证研究文献的结果表明,流动性存在价值,且流动性价值受证券价格波动性、流通受限期限、公司基本面信息和证券交易量等因素影响。
Liquidity, the vital component of securities market, can bring value. Firstly, this paper defines the meaning of liquidity value theoretically, and then summarizes its measuring methods. The results suggest that the common research methods can be classified as letter stock method, IPO method and other method, and that the liquidity value is affected by such factors as securities volatility, restricted term, fundamental information of listed company and trading volume.