That's wrong. Cash obviously affects the value of a company, as reflected in the stock price. If a company lights $1B on fire the value of the company will go d

That's wrong. Cash obviously affects the value of a company, as reflected in the stock price. If a company lights $1B on fire the value of the company will go down, if they find $1B in the couch cushions the value will go up. What might be confusing is that one dollar of cash at a company doesn't neatly translate into one dollar of value in the stock price. At a poorly run company with a history of bad acquisitions $1 of cash might be worth 50 cents because investors think that the company will waste the money rather than give it back as dividends. But a growing company might borrow money and have the stock price go up, if investors think it will be invested well.