The model shows that stock liquidity and stock market liquidity are the fundamental factors influencing stock price,thus the model proves that securities LVA exists.

• 研究结果表明,股票流动性水平与股票市场流动性水平是股票溢价的重要影响因素,从理论上证明证券流动性具有价值,并据此提出证券流动性价值的测算方法。