As an important channel of short-term external financing, trade credit has become an important topic of academia. Based on the sample of A-share listed companies from 2007 to 2020, the results show that stock liquidity is significantly positively correlated with trade credit financing. Heterogeneity analysis shows that the effect is more obvious in companies with large financing constraints, fierce industry competition and high degree of regional marketization. The mechanism analysis shows that stock liquidity can increase trade credit financing by reducing the first type of agency cost and improving information transparency. Finally, after a series of robustness tests, such as instrumental variable method, regional fixed effect and substitution of key variables, the results still exist and are robust. From the perspective of market microstructure, this paper explores the influencing factors of trade credit financing, expands the research on liquidity governance, and provides new empirical evidence for alleviating financing constraints of listed companies.