本研究以台灣市場為例，透過實證分析探討2012年至2016年上市櫃公司其股票流動性與企業價值兩者間的關係。本研究以週轉率作為股票流動性之代理變數、以Tobin’s Q作為企業價值之代理變數，在控制公司治理程度、資訊揭露程度及公司獨有風險等因素下，欲分析股票流動性是否會影響企業價值。並參考Fang等人 (2009) 之研究方法，將Tobin’s Q拆解為三個變數: 營業利益對股價比、權益對資產比、資產報酬率。根據實證結果可發現: 第一、股票流動性愈高之企業，其企業價值亦愈高。第二、股票流動性高的企業，擁有較低之負債比與較高之營運盈利能力。
為了深入了解高流動性對公司價值正向影響之背後原因，我對一些理論進行探討，如代理性理論、反饋理論、非流動性風險及非理性投資人之情緒因素等。而實證结果支持反饋理論，其指出高流動性公司往往具有較高的公司價值，是因為流動性市場刺激知情投資者的交易，而知情投資者透過其交易來影響公司管理者的決策，及流動性對於公司價值具有正向的影響。

This paper investigates the relation between stock liquidity and the economic consequences of firms listed on Taiwan’s market from 2012 to 2016. I use turnover ratio as a proxy for liquidity and Tobin’s Q as a measure of firm value. After controlling for variables (corporate governance, idiosyncratic risk or information transparency) that can potentially affect firm value, I find a positive relation between stock liquidity and firm value
I also break Tobin’s Q into three components: operating earnings-to-price, financial leverage, and operating profitability, I find that high liquidity tends to have better firm value. In addition, firms with high stock liquidity tend to have lower fractions of debt in their capital structures and show higher operating profitability.
To gain insight into the source of higher firm value for stock with high liquidity, I test several theories such as-agency-based, feedback theory, illiquidity risk, or sentiment reasons. My empirical results support feedback theory that high-liquidity firms tend to have higher firm value as liquid market stimulates trading of informed investors, which makes prices more informative and promotes decision-making within the corporation.

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