Abstract: The change of liquid shares, the growth of earnings and the performance of stock price are three interdependent aspects. Any unidirectional relationship between any two of them should not be analyzed separately. Using the method of simultaneous equations, we tried to analyze all of the interactions between these three aspects at the same time (including positive correlation and reverse correlation). In this article, we found company performance and share price performance to have a positive association. Meanwhile, we used many ways to measure the change of liquid shares, but its connection with company performance became relatively complicated. When it comes to the rate of share price change, optimistic impacts have been detected in the change of the top 10 liquid shareholders, the number of liquid shares per capita and the scale of liquid shares respectively, and vice versa. Nevertheless, there is a negative relation between the ratio of the total liquid shares of the top 10 liquid shareholders and the rate of share price change.