摘要
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.
作者
邹玲
程德巧
ZOU Ling;CHENG De-qiao(Jiangxi University of Finance and Economics,Nanchang 330013,China)
出处
《当代财经》
CSSCI
北大核心
2018年第11期123-133,共11页
Contemporary Finance and Economics
基金
江西省社会科学"十二五"规划项目"我国商业银行中间业务风险评价与预警研究"(14YJ02)
江西省高校人文社科重点研究基地项目"利率市场化下商业银行中间业务创新与风险防范研究"(JD16054)
关键词
现金持有水平
股票定价偏误
融资约束
市场择时
cash holding level
stock pricing bias
financing constraints
market timing