中文摘要：

资产链是指在金融创新的推动下，金融资产形态及其价值不断演变和深化而构成的逻辑路径。基于资产链的思想，股票的可交易过程不仅包括可流动过程，还包括可波动过程，时变流动性条件下的可流动过程模型显示可流动价值是股票换手率的函数，其表现与资金的时间价值类似，内在价值不变前提下的可波动过程模型则将可波动价值表示为美式期权，受股票的预期波动率、持有成本和投资者对波动性期权的心理预期时间的共同影响，但与股票的初始价格无关。

英文摘要：

The Capital-Chain is a logic path of financial asset driving by the financial innovations, which shows the continuous changing of assets＇ form and value. Based on the theory of Capital-Chain, the stocks＇ marketability process could be divided into two stages： liquidity stage and volatility stage. The liquidity-stage model on the condition of time-varying liquidity shows that liquidity value can be expressed as the time value of money. The volatility-stage model on the condition of unchanged intrinsic value finds that the volatility value can be described as an American-style option and the value of it may be affected by expected volatility rate, expected expiration day of option and the cost of carry.