本研究是參考Bhagat and Welch（1995）所作之研究，來探討台灣上市櫃公司、中國A股與香港上市公司之股票流動性對公司投資支出的影響。與過去文獻不同的是，在投資支出變數方面，除了針對資本支出與研發支出率作探討外，尚還包括了衡量公司資產收購活動的總資產成長率。 實證結果顯示，除中國地區總資產成長率與資本支出率外，其餘普遍支持股票流動性對於誘發公司的投資支出有一定的效果存在，顯示股票流動性會影響到公司的投資決策，意即股票流動性增加將因資金成本的降低，而增加淨現值為正的投資計畫支出，有利於股東。此實證結果提供了論據證明公司的股票流動性普遍而言會抑制公司的投資支出。 The paper explores the impact of stock liquidity on corporate investment expenditure for listed companies in Taiwan, Mainland China and Hong Kong based on Bhagat et al.’s model. We not only explore the variable of capital expenditure and R&D, and most important than that we also study the growth of assets of asset acquisition activities distincted from the previous study. We find a positive relation between stock liquidity and corporate investment expenditure except for the growth of assets and capital expenditure of Mainland China,indicating that stock liquidity influences corporate investment expenditures. The increase of liquidity effectively expands the positive NPV（Net Present Value）investment projects because it reduces the cost of capital and benefit shareholder. The study of this literature tell us that the frictions in a firm’s trading environment can constrain its corporate investment expenditure.