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Environmental economy system in China and abroad have very big difference, the development of the securities market is in transition period, investors lack of protection, company management overall level is not high. Enterprise investment and financing channel is not good enough, the listed company’s ownership arrangement is also unique Chinese socialist characteristics. But foreign research results, clearly as the research level of cash holdings of listed companies in our country provides certain theory basis and the research direction, to our country’s system as the background research enterprise cash related issues has important theoretical value.Paper in the literature on cash holdings level at home and abroad for reference, based on the widely held by listed companies in China, analyzing the present situation and problems of large amounts of cash to develop such company high cash holdings level mechanism of some internal factors, and on basis to further research this kind of high cash holdings of listed companies some of the economic consequences of actions. Hope through this article research in depth understanding and insight into cash holdings behavior of Chinese listed companies, provide a reference for China’s listed company’s cash management decisions. The main purpose of the study this paper are as follows:First, analysis the influence factors of cash holding level of listed companies, the factors is roughly divided into three broad categories. management, potential and business. this paper aims to analysis this three dimensions to the influence of the level of cash holdings of listed companies, to determine the enterprise in determining the level of cash holdings is should consider what are the key factors. Second, the thesis aims to analyze whether level of cash holdings of listed companies changes before and after the financial crisis, through the analysis of the financial crisis on changes in the level of cash holdings of listed companies, to analyze the enterprise in the face of the macro economy and macro policy changes, the contribution of various factors, which affect the level of cash holdings, to determine the changes in the macro environment of listed companies, how to determine a reasonable level of cash holding. Third, the paper analyzes the influence factors of level of cash holdings of listed companies, can provide investors with better investment decision making basis, investors can judge the rationally degree of the level of cash holdings of listed companies, to improve their financial management efficiency. As well as the perfection of the supervision department of the listed companies in capital market to provide a theoretical basis, trying to improve the corporate governance of China’s capital market environment research influence factors.This article is divided into five parts, each part is as follows:the first part is the introduction,introduces the paper’s research background, purpose and significance, but also illustrates the thesis research ideas and framework, finally illustrates the paper possible innovation place.The second part analyses the theoretical foundation and previous literature review, In China about the level of cash holdings of listed companies started late, the theoretical results are also relatively short, In terms of many influence factors of cash holding level, the researchers are now also difficult to achieve consistency, so the paper, first of all, the theoretical basis of affecting the level of cash holdings of listed companies to do the review of the system. Domestic literature is less, this research has certain causal relationship started relatively late. paper begins with a review of the literature at home and abroad to do a comprehensive system, for he follow empirical pat done sufficient work.The third part is mainly based on the above theoretical analysis and put forward its own research hypothesis, then according to the needs of the hypothesis testing.et up to reasonable regression.The fourth part USES regression model for empirical test, and analyze the empirical results, and then research conclusion. Listed companies management dimension, from2003to2012regression results stage, in the overall level of long-term investment and cash flow and corporate debt structure of the more significant effects on corporate cash holdings level; In industry segments, in the real estate industry, the financial leverage effect on cash holdings level biggest; Services of the factors that affect the level changes in the cash flow is the largest. In investigation on the dimension of enterprise development potential, in terms of business investment opportunity variables (Q), both in the overall level and divisions, and after the outbreak of the financial crisis on the impact on cash holding level, we all find influence coefficient in all of the variables in the large and statistically significant; To measure the quality of enterprise management, enterprise soft power as well as the fact relationship study of fixed number of year of the listed variables, without looking at the impact of the financial crisis, the overall level factors and impact on cash holdings level in the tertiary industry is significant; And after looked at the impact of the financial crisis, fixed number of year of the listed variables before and after the change is not big.The regression results from the whole perspective, management class only ownership concentration index of there were significantly positive influence on the cash holdings of listed companies, state-owned shares proportion does not exist significant correlation. It focuses on the four sector, state-owned shares proportion of service industry and retail a significant positive impact, and the impact on the retail than services; Ownership concentration of manufacturing, services and retailing have significant positive impact. Affected by the impact of the financial crisis, from the overall level of cash holdings of listed company quantity, the influence of the proportion of state-owned shares is reflected, the performance is significantly positively related to; The influence of ownership concentration has been weakened, show the significant negative correlation. Survey, had the greatest influence in the financial crisis of state-owned shares proportion in service sector, retail times; Ownership concentration is only show the significant role in the service industry, other industries are not significant.Main contribution of this article is:first, the theoretical part of the paper for one of the few studies conducted about the influence factors of cash holding level system review. Factors affecting the level of cash holdings of listed companies of the significant aspects of the empirical analysis, finding out the influence level of cash holdings of listed companies, some of the key factors to the listed companies is expected to be from the aspects of these factors, so as to hold a scientific and reasonable level of cash holdings, increase the value of the company. Second, papers on the change of macro economy to corporate cash holding level will have what kind of influence to consider, before and after the financial crisis happened in 20085years time as a comparison, for the company cash holdings level before the financial crisis and financial crisis, the company’s cash levels to do the empirical analysis, the results showed that before and after the crisis level of cash holdings of listed companies have significant changes, this for us, in the company management practices, to give some revelation, we grasp the company’s cash holdings level, besides should consider company itself factors, also have to consider the macroeconomic cyclical change rule.This paper due to the system, and the limit of the data acquisition and the author’s own ability, the paper has certain deficiencies exist in the main, second, within the time span of less samples of listed companies. This is because in2007completed the equity division reform, system of IPO audit system to relax, etc change caused the rapid increase of the number of listed companies. Finally, part of the listed companies lack of data. Before because our country securities market the weak regulation and supervision law, the listed company illegal cost is low, causing the easy information fraud of listed companies in our country, especially the financial data of listed companies, etc is not transparent, these to obtain sample data for this article caused a certain degree of difficulty.
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