Aimed at the different opinions on the effect of price limits on stock liquidity,the effect in Shanghai Stock Exchange was empirically studied.No matter taken the traditional liquidity measurement(trading volume and turnover) or liquidity measurement on the basis of the volatility,the results showed that price limits restricted intraday liquidity of stock,leading to the stock liquidity excelling other stocks in the later trading days,that is to say,price limits had the disturbing effect on stock liquidity.By analyzing the validity of the three measurements,it showed that volatility-based liquidity measurement was more suitable for measuring the liquidity in Shanghai Stock Market.