First , using daily trade data , we measure the mid - term liquidity of individual stock , and carry out cross - section analysis for it . we discover individual liquidity do not have notable discrepancy in different area , sector and size , but the interactive factor of sector and size have notable influence in individual liquidity . then using the 5 minutes intraday data for measuring the individual short - term liquidity , 首先利用日交易數(shù)據(jù)對個股中期流動性指標(biāo)進(jìn)行了度量與橫截面分析,發(fā)現(xiàn)個股日流動性在地區(qū)之間不存在顯著的差異,不同行業(yè)、不同規(guī)模之間也不存在顯著差異,但行業(yè)和規(guī)模的交互因素對流動性的影響比較顯著。