After a new definition of stock’s marketability value was given through the thought of capital chain, the paper pointed out that the price of stock, the liquidity and the volatility were the main factors which might affect the marketability value of stocks. Then, pricing models of stock’s marketability value with single factor and multi-factors were built and the weekly data of Shanghai and Shenzhen Stock Markets was selected to test the model. The empirical analysis shows that the new model can explain the short-term return of Shanghai and Shenzhen Stock Market and it is better than Fama-French Three Factor Model in a certain degree.