我的樣本包括 10,453 個從 2012 年到 2022 年的年度觀察值。除此之外我使用托賓 Q 比率來衡量公司表現，並利用相對有效價差法來衡量股票流動性。我的實證結果表明，股票流動性與企業績效之間存在正向關係。這一結論對於控制公司基本面如公司規模、股票特定風險和動能因子後具有穩健性。在控制產業效果和時間效果後，股票流動性與企業績效之間的關係仍然顯著。總體而言，我的結果表明，因公司資本成本降低，獲利能力提高等原因，提高股票流動性可以改善以營業價格比、槓桿比率、經營資產報酬率來衡量的公司績效。

Using a sample of 10,453 Taiwan's firm-year observations from 2012 to 2022. I examine whether stock liquidity impacts firm performance. I use Tobin's Q ratio to measure form performance and utilize the relative effective price spread to measure stock liquidity. My empirical results indicate a positive association between stock liquidity and firm performance. This conclusion is robust to controlling for firm fundamentals, such as firm size, stock-specific risk, and momentum factor. After controlling for industry effects and time effects, the relationship between individual stock liquidity and firm performance remains positively significant. Overall, my results suggest that stock liquidity can improve firm performance measured by Operating-to-Price ratio, Leverage ratio, Operating return on Assets ratio due to lower cost of capital and increased profitability.

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