The second section expounds definition of liquidity premium and western liquidity premium theory, then introduce Longstaff Module and application of list-price in non-tradable shares.

• 第二部分阐述了流动性溢价的含义并对西方流动性溢价理论进行了简述，而后介绍了Longstaff模型及其在非流通股定价中的应用。