Abstract:The CapitalChain 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 CapitalChain, the stocks’ marketability process could be divided into two stages: liquidity stage and volatility stage The liquiditystage model on the condition of timevarying liquidity shows that liquidity value can be expressed as the time value of money The volatilitystage model on the condition of unchanged intrinsic value finds that the volatility value can be described as an Americanstyle option and the value of it may be affected by expected volatility rate, expected expiration day of option and the cost of carry