本研究主要目的為探討期貨市場中，不同種類的投資人對市場流動性之影響。我們以台灣期貨市場中的臺股期貨、小型臺指期貨、電子期貨及金融期貨為研究標的，將這些市場中的投資人區分成四種，依序將這些人的委託單排除後算出委託不均衡，將其結果與完整市場的委託不均衡情形相比較，來觀察他們對於市場的流動性供需情形。
通常外資被認為是較有資訊的投資人，他們對於市場趨勢判斷精確，為流動性的供給者；而自然人資訊落後，容易產生追高殺低的不理性行為，為流動性的需求者。實證結果顯示外資在大台、小台、電子期及金融期皆為流動性的供給者，而自然人在上述四個市場中，明顯是流動性的需求者，與我們的研究假說相符合。此外，我們還發現自營商也為流動性的供給者，但這可能是因為他們的操作期間較短所致。
根據以往文獻記載，交易量、報酬率與波動度均會對流動性造成影響。我們將這三者作為本研究的自變數，而投資人的流動性作為應變數，利用TOBIT Model來檢視它們之間的關係。結果顯示交易量與波動度皆會對流動性造成顯著影響，而報酬率的結果則否。
重大事件對於市場造成很大程度的衝擊，其流動性也會連帶受到影響。本研究透過外資大賣超、全球股市暴跌及總統大選等重大事件，來檢視事件前後投資人流動性是否有明顯改變。結果表明外資與國內法人受到的影響較小，而自營商及自然人的流動性變化較劇，在事件發生後，這兩類投資人會比之前提供出更多的流動性。

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