The multiple linear regression and the stepwise regression are applied to investigate the determinants of the liquidity assets of the public companies listed in the Taiwan Stock Exchange and Over-the-Counter respectively. The result supports the trade-off theory of the holdings of liquidity assets. It is also found that the regression results for public companies listed in TSE and OTC markets show different significant results on the company size, dividend policy, and debt maturity structure. Meanwhile, the stepwise regression procedure further shows that the significant variables in the regression model are different for both markets. It, therefore, implies that the considerations, for making proper decisions of liquidity assets holdings should be adjusted for different size of the company.