Expert's View 名家觀點

流動性 Liquidity

二月 1 , 2024  

by Charles Cheng, CFA



In the world of investing, where numerous factors contribute to financial success, the concept of liquidity is often overlooked. Yet, its impact on portfolio management and investment decisions can be significant.  Liquidity refers to the ease with which an asset can be bought or sold in the market without causing a significant impact on its price. Highly liquid assets, like large-cap stocks, are easily tradable, while less liquid assets, such as certain bonds or small-cap stocks, may face challenges in finding buyers or sellers quickly.

在投資領域,影響財務成功的因素很多,但流動性的概念常常被忽略。 然而,它對投資組合管理和投資決策的影響有時是很大的。 流動性是指在市場上買賣資產而不對其價格造成重大影響的難易程度。 高流動性資產(例如大盤股)很容易交易,而流動性較低的資產(例如某些債券或小型股)可能面臨快速尋找買家或賣家的挑戰。 


Assets exist on a spectrum of liquidity. Cash is the most liquid, as it can be easily converted into goods or other financial instruments. On the other end of the spectrum, some investments may have limited market participation, making them less liquid. Illiquid assets may show quoted prices that represent the last transaction for that asset, but that price could be far different than price that you would be able to get at the volume that you would want to trade because you need to find another trading partner. Less liquid assets often come with a liquidity premium – an additional return demanded by investors for holding assets that are not easily tradable. This premium represents compensation for the increased risk and potential difficulties associated with buying or selling these assets.

不同的資產具有不同的流動性。 現金是最具流動性的,因為它可以輕鬆轉換成商品或其他金融工具。 另一方面,一些投資由於其市場參與度可能有限,導致其流動性較差。 非流動資產的報價也許是指資產最後一次交易的價格,但該價格可能與您在當下能夠獲得的價格有很大不同,因為您需要尋找另一個交易夥伴來完成這次的交易。 流動性較低的資產通常會附帶流動性溢價——這是投資者持有不易交易資產所要求的額外回報。 此溢價代表與購買或出售這些資產相關的增加的風險和潛在困難的補償。 


Personal preference plays a large role in how investors should think about liquidity. Individuals with a higher liquidity preference prioritize having a significant portion of their portfolio in cash or easily accessible assets. This is often the case for those who want to ensure they have immediate funds available to cover emergencies, unforeseen expenses, or short-term financial needs. Also, investors with short-term financial goals, such as saving for a down payment on a house or funding education expenses in the near future, may have a higher liquidity preference. This allows them to access funds quickly without worrying about potential market fluctuations.  These assets also tend to be less risky, to be there when you most need them. 

個人偏好在投資者如何看待流動性方面是很關鍵的。 具有較高流動性偏好的投資者會優先考慮配置大部分現金或易於交易的資產。 對於那些想要確保立即有可用資金來滿足緊急情況、不可預見的費用或短期財務需求的人來說,這種情況經常發生。 此外,具有短期財務目標的投資者,例如為房屋首付或在不久的將來資助教育費用而儲蓄的投資者,也可能有更高的流動性偏好。 這使他們能夠快速獲得資金,而不必擔心潛在的市場波動。 這些資產往往風險也較小,在市場下跌時跌幅也較小。 


Finally, different investing styles, whether on a personal or professional level, are more suitable for different levels of liquidity.  Certain strategies focus exclusively on less liquid and under researched assets. Investors with lower liquidity preference may be more inclined to allocate a larger portion of their portfolio to longer-term investments, accepting a potentially higher degree of illiquidity in exchange for the potential for higher returns. Other strategies may depend on more frequent trading and asset allocation, and should stick to the most liquid sections of the market. Investors should carefully weigh the liquidity premium against the risks involved. While the allure of higher returns is enticing, the challenges in executing trades and potential market volatility should be considered. During periods of economic uncertainty or financial crises, liquidity tends to dry up as investors become more risk-averse. Understanding these fluctuations is crucial for effective portfolio management.

最後,不同的投資風格,無論是個人或專業層面,都有不同程度的流動性來配合。 某些投資策略專注於流動性較差且研究不足的資產。 流動性偏好較低的投資者可能更傾向於將其投資組合的較大部分分配給長期投資項目,並接受較高程度的流動性不足,以換取更高回報的潛力。 其他策略可能依賴更頻繁的交易和資產配置,並且應該堅持市場中流動性最強的部分。 投資者應仔細權衡流動性溢價與所涉及的風險 。 雖然更高回報的誘惑很誘人,但應考慮執行交易的挑戰和潛在的市場波動。 在經濟不確定或金融危機時期,隨著投資人變得更加傾向於風險規避,流動性往往會枯竭。 了解這些波動對於有效的投資組合管理至關重要。 



註:相對於現金,不動產的流動性是很差的。 同樣是不動產,偏遠地區的房屋其流動性相對都會區差,價格也便宜。



This article reflects the personal views of the author and not any firm’s and should not be viewed as an investment recommendation.


後記:流動性在股市也扮演舉足輕重的角色; 資金寬裕則股市易漲難跌。 往後一年美股的走勢有1/3受資金影響 (另外2/3是景氣和利率)。 目前有大筆資金停留在貨幣市場 (流動性極高) ,對股市是一大助力,請看­­­經濟日報《8兆美元閒置現金牽動美股》。