中文摘要：

本文在控制公司特征因素下，采用混合最小二乘法和独立样本T检验法经验调查公司治理如何影响公司现金持有量。从提供的经验证据表明，公司治理在决定公司现金持有量中确实起着重要作用。①第一大股东持股与公司现金持有量显著正相关；②股权分散性（用股东人数度量）与公司现金持有量显著负相关；③第一大股东是法人股的公司具有相对低的现金持有量；④管理者持股与公司现金持有量显著正相关；⑤少数大股东持股集中度与公司现金持有量显著负相关；⑥董事会规模与公司现金持有量显著正相关；⑦股东法律保护较差的公司具有相对多的现金持有量。但我们没有发现独立董事比例、董事会活动和领导结构显著影响公司现金持有量。总的说来，本文提供的经验证据支持公司治理水平高的公司具有相对低的现金持有量的论点。

英文摘要：

After controlling for firm-specific factors, the paper adopts Pooled Least Squares and Independent Samples T Test to empirically investigate how corporate governance affects corporate cash holdings. The paper provides empirical evidence showing that corporate governance dose play an important role in determining corporate cash holdings. Specifically speaking, ①The largest shareholder ownership is significantly and positively correlated with corporate cash holdings; ②Ownership dispersion （measured by the number of shareholders） is significantly and negatively correlated with corporate cash holdings; ③Firms whose largest shareholder is legal person shareholder have relatively small cash holdings; ④Managerial ownership is significantly and positively correlated with corporate cash holdings; ⑤Ownership concentration of a few larger shareholders except the largest shareholder is significantly and negatively correlated with corporate cash holdings; ⑥Board size is significantly and positively correlated with corporate cash holdings; ⑦Firms with poor shareholder protection tend to hold more cash than those with good shareholder protection. But we do not find that the proportion of independent directors on the board, board activity and leadership structure significantly affect corporate cash holdings. In general, the empirical evidence provided in the paper supports the view that firms with higher levels of corporate governance keep relatively small cash holdings.