Through history observation and econometric analysis，we find global liquidity has important influence on stock markets. Abundant liquidity can be transferred to stock markets through many kinds of channels and cause the rise of stock price.After 2001，global liquidity excess has drived a new round of increase in stock markets.However，due to distribution difference of liquidity，there exists big gap in different markets.Stock markets in new market-oriented countries developed very fast.Meanwhile owing to rapid growth of profits in listed companies，high evaluation did not occur in global stock markets.But it does not mean risks have been eliminated，and once liquidity reverses，stock market will fall under vast impact.