本文通过构造基于流动性风险的多因素定价模型，研究了流动性风险对证券均衡价格的影响。
The paper studies the effect liquidity risk of the on stock pricing base on multi-factor assets pricing model.
研究发现：IPO定价是多因素影响的结果。
This research indicate that IPO pricing is the result of multiple factors.
与传统模型相比，可以更好地解决多因素扰动条件下的可转债定价问题和可转债条款中的路径依赖问题。
Compared with the traditional models, this model originated from a new thought, and can solve the convertible bond pricing problem under multi-factors and path-dependence.
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