Whether liquidity is able to stabilize the market or to bring the crisis to the market? The paper discusses,from the perspective of stock price crash risk,the relationship between stock liquidity and stock price crash risk. We conclude that:the stock liquidity may promote the stock price crash risk,and thus does not play a role in stabilizing the market. Subsequently,the paper discusses the influence mechanism from the "governance theory" and "short-termism theory". We conclude that:when the duality exists,the proportion of independent directors is low,the proportion of short-term institutional investors is higher,the positive relationship between stock liquidity and the stock crash risk is more significant. The conclusions enrich the literatures of stock liquidity and stock price crash risk,and discuss the influence factors of stock price crash risk from the micro perspective.