中文摘要：

以国有上市公司为样本,实证检验了不同层级政府控制的国有上市公司的现金持有价值的差异。研究发现,地方政府控制的上市公司的现金持有价值显著低于中央政府控制的上市公司的现金持有价值,这种差异的产生源于两类企业的公司治理和财务特征的差异：中央政府控制企业的公司治理更为有效,根据债务期限结构认定的中央政府控制企业融资约束程度相对更高,对提升现金持有价值有正向影响。

英文摘要：

This paper takes state-owned enterprises as samples,and tests the difference of the value of cash holdings in state-owned listed companies with different government-controlled ranks.It finds that the value of cash holdings of listed companies controlled by central government is significantly higher than that controlled by local government.The difference results from differences in corporate governance and financial character of these two kinds of firms,where the corporate governance of central-owned enterprises is more effective.According to the debt structure,the central-owned enterprises face higher financial constraint,which plays a positive role in the cash holding value.