本篇文章探討公司在其股票流動性高時所採取的融資行為。Lipson and Mortal（2009）認為公司的高股票流動性會促進現金增資進而降低其財務槓桿比率；然而，透過西元1971至2011年間美國上市公司的資料，我們發現一群公司在股票流動性高的時期反而擁有相當高的財務槓桿比率。本文章將高股票流動性公司分為高槓桿（研究樣本）與低槓桿（對比樣本），在控制產業類別及公司規模之後，研究此兩類公司的特色。結果顯示研究樣本有著較低的獲利、較少的現金、較低的市場資本額、較為年輕且配發較少的股利，重要的是，此類公司偏好在流動性高時藉由舉債來融資。進一步探討舉債動機，我們發現淨舉債額度與隔年固定資產之間呈現顯著正相關，因此我們認為在同一產業內，財務較為受限或是營運表現較差的公司在股票流動性高時會傾向舉債融資來增加固定資產藉以提升未來的產業競爭能力。

This study investigates the debt financial policy of firms having higher stock liquidity. Lipson and Mortal (2009) show that higher stock liquidity encourages firms to raise external financing from equity market, resulting in a lower leverage. However, through the 1971-2011 US listed company's data, we find that some firms with high stock liquidity issue more additional debt instead. Focusing on top stock liquidity firms, we examine the difference of firm characters between high leverage (study group) and low leverage (control group) after matching with industry and size. Compared to the control group, we find that firms in study group have lower profitability, less cash amount, younger age, lower market capitalization, less dividend payment. Among our study group, we further find a positive association between net debt issuance and tangibility in the following year. Our results thus suggest that in order to improve ability to invest in the future, financially constrained firms or firms with poor profitability are more likely to use the proceeds of the additional debt issuance to finance tangible assets when these firms have high stock liquidity.