大额交易的流动性风险对投资者来说非常重要,已有模型更多从最优交易策略角度出发考虑这一问题,对市场特征的结合尚有不足.本文以内部时间概念为突破点,将其纳入已有最优交易策略模型,构建了新的流动性风险度量模型.结论显示,交易频率越高,市场流动性越好,流动性风险越小. The liquidity risk of large-sum transactions is very important to investors, there are more models to consider this issue from the perspective of the optimal trading strategy, there is still a lack of combination of market characteristics.In this paper, the concept of internal time as a breakthrough point, This paper constructs a new liquidity risk measurement model by incorporating it into the existing optimal trading strategy model.The conclusion shows that the higher the trading frequency, the better the liquidity of the market and the lower the liquidity risk.