股票定价偏误与现金持有水平

Stock Pricing Bias and Cash Holding Level

以2007—2016年间沪深A股上市公司为样本,将股票价格与内在价值之比作为股票定价偏误的代理变量,考察了股票定价偏误对公司现金持有水平的影响。研究发现,股票定价偏误对公司现金持有水平有显著影响,且这种影响在股价低估和高估时有差异。进一步研究发现,现金持有水平与股票定价偏误的相关性受公司成长机会和盈利能力的影响。

Taking the A-share listed companies in Shanghai and Shenzhen stock markets from 2007 to 2016 as samples, this paper uses the ratio between the stock prices and the intrinsic value as the proxy variable of stock pricing bias, so as to explore the impact of stock pricing bias on the cor-porate cash holding level. The findings of the study show that stock pricing bias has a significant im-pact on corporate cash holdings, and this effect is different when the stock price is undervalued or overvalued. Further study finds that the correlation between cash holding levels and stock pricing bias is affected by the corporate growth opportunities and their profitabilities.