现金持有状况是公司财务管理的一个关键问题,本文以2006年至2012年在沪深两市上市的532家制造业公司为样本,引入公司规模、托宾Q、现金流量,银行贷款,债务结构,领导层结构变量,财务杠杆,资本性支出、股利的发放,实际控制人类别等控制变量,着重从现金流的不确定性、股东保护程度及管理层所有权方面研究上市公司的现金持有水平影响因素。 The cash holding status is a key issue for the company’s financial management. Based on the sample of 532 manufacturing companies listed in Shanghai and Shenzhen from 2006 to 2012, the paper introduces the company size, Tobin’s Q, cash flow, bank loans, debt The controlling variables such as structure, leadership structure variables, financial leverage, capital expenditures, dividend distribution and actual controller categories, etc., focusing on the cash holdings of listed companies in terms of cash flow uncertainty, shareholder protection and management ownership Horizontal factors.