摘要
现金是企业为满足日常经营支付、偿还到期债务、履行纳税义务等财务行为
而持有的一项资产，其流动性很强，但是获利能力却很低。现金是维持企业正常
运营非常重要的一项资产，并且基于我国上市公司的现金持有量几乎是美国公司
的两倍这一事实，大量学者研究了现金持有价值。在政府干预背景下，现金持有
价值随着政府干预的强弱而显著变化。企业与政府的关系一直是企业界与学术界
关注的重点，尤其是在经济转轨、社会转型的的背景下，政企关系更是经济社会
发展过程中必然面临的问题。现金资产作为企业价值的重要构成部分，企业所处
的外部制度环境会对现金资产产生各种影响。所以，本文将重点研究和探讨政府
干预与现金持有价值之间的关系。

通过控股，政府可以干预企业的日常经营活动，从而将自己的意愿附加于企
业。对许多国家来说，包括处于转型时期的中国，政府干预企业经营的较为常见。

本文基于学者们现有研究基础上，通过分析政府干预会不会影响现金持有价值以
及不同政府干预下的多不同控制人对现金持有价值的影响，以更有效地指导企业
的经营和实践。本文 2007-2013 年沪深两市 A 股上市公司作为初选研究样本，实
证分析政府干预对现金持有价值的影响,并在此基础上,进一步地研究政府干预、
控制人性质与现金持有价值三者之间的关系。研究结果如下:（1）以企业所属地
区市场化指数作为政府干预的代表变量，政府干预降低了企业现金持有价值，并
且随着政府干预的程度加深，现金持有价值越低；(2)现金持有价值低于账面价
值;(3)企业的控制人性质影响现金持有价值，国有企业的现金持有价值低于非国
有企业；(4)政府干预加强时，国有企业的现金持有价值的负面影响比非国有企业
更严重。

关键词：政府干预；现金持有价值；控制人性质

Abstract
Cash is the asset that the enterprise holds it to meet the daily business pay, debt
repayment, obligations to pay taxes and other financial behaviors. Its liquidity is very
strong, but with the low ability of profit. Cash is very important in the process of
enterprise operating, especially Chinese Corporation's cash holdings is almost as two
times as that of USA enterprises. Therefore, a large number of cash holding value
researches emerge. In the background of government intervention, the cash holding
value changes with government intervention. As we know, the relationship between the
enterprise and the government has been the focus. Especially, in the background of
economic transition and social transformation, relationship between government and
enterprises is an inevitable situation to face in the process of social development. As an
important part of the enterprise, cash is easily affected by the external environment.
Therefore, this thesis is based on the relation between government intervention and
cash holdings value.
As the company's largest shareholder, government can intervene in the day- to-day
business activities to transfer her will to the enterprise. Among countries, especially
China in the transition period, the phenomenon of government intervention in economy
and business is more serious. Therefore, this thesis is based on the former research to
analysis weather government intervention and different controllers can influent cash
holding value in order to guide enterprise’s management and practice effectively. This
thesis analyses that how the government intervention effects cash holding value and
the primary research sample is based on 2007-2013 Shanghai and Shenzhen two shares
of listing corporations. In the thesis, the relationship of government intervention, the
ownership and the value of cash holdings are further studied. The results are as follows:
(1) Mercerization index is the variables of government intervention and government
intervention reduces the enterprise The value of cash holdings. The deeper government
intervention, the lower the value of cash holdings. (2) The value of cash holdings is
lower than the book value. (3) State-owned enterprises impact cash holding value, andit is lower than that of non state owned enterprises. (4) When government inte rvention
is strengthen, cash holding value of the state-owned enterprises have the more serious
negative impact than that of non state-owned enterprises .
Keywords: government intervention; cash holding value; controllers