The CapitalChain is a logic path of financial asset driving by the financial innovations, which shows the continuous changing of assets’ form and value Based on the theory of CapitalChain, the stocks’ marketability process could be divided into two stages: liquidity stage and volatility stage The liquiditystage model on the condition of timevarying liquidity shows that liquidity value can be expressed as the time value of money The volatilitystage model on the condition of unchanged intrinsic value finds that the volatility value can be described as an Americanstyle option and the value of it may be affected by expected volatility rate, expected expiration day of option and the cost of carry