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 , 首先利用日交易数据对个股中期流动性指标进行了度量与横截面分析,发现个股日流动性在地区之间不存在显著的差异,不同行业、不同规模之间也不存在显著差异,但行业和规模的交互因素对流动性的影响比较显著。