此論文嘗試研究公司資產流動性與股票流動性之關聯，以台灣上市櫃公司資料作為研究基礎。結果顯示，公司資產流動性與股票流動性之間具有顯著的正相關，表示投資人在選擇股票時，公司資產的流動性為其考慮因素之ㄧ。更深入的分析發現，若公司具有較低的成長率或是較高的財務限制，則正相關程度會向上提升，其因在於低成長率或高財務限制將會增加公司未來價值的不確定性，如此投資人會更在意現今公司資產流動性。此論文由公司的股票流動性來分析公司流動資產的價值。

This paper studies the relationship between asset liquidity and stock liquidity in Taiwan-based publicly traded firms. I observe a positive relationship between asset liquidity and stock liquidity. This result implies that the influence of lower uncertainty regarding assets-in-place overwhelms the influence of higher uncertainty about future investment. Furthermore, this relationship can be more positive for firms with fewer growth opportunities or higher financial constraints. Firms with less growth opportunities or higher financial constraint will increase the uncertainty regarding future investment; therefore, the relation will be more positive. My results shed light on the value of asset liquidity.

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