关键词: 现金持有水平,股票定价偏误,融资约束,市场择时

Abstract: 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 corporate cash holding level. The findings of the study show that stock pricing bias has a significant impact 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.

Key words: cash holding level; stock pricing bias; financing constraints; market timing