中文摘要：

利用2010～2014年我国A股上市公司数据，从融资约束中介效应视角研究了环境不确定性对现金持有价值的影响及其作用机制。结果发现：上市公司现金持有具有正向价值效应，较高的环境不确定性显著增强了现金持有价值。进一步检验发现，融资约束在环境不确定性对现金持有价值的影响中具有中介效应，说明环境不确定性引起企业外部融资成本，加剧了融资约束，现金持有有助于规避财务风险并保证有效投资。

英文摘要：

With the empirical data from Chinese A-share listed companies from 2010 to 2014, the paper studies the effects which environmental uncertainty has on the value of cash holdings and influencing mechanism in the view of mediating effect of the financial constraints. Result shows that listed companies＇ cash holdings have a positive value effect; higher environmental uncertainty significantly enhances the value of the listed companies＇ cash holdings. Furthermore, financial constraints have a mediating effect on the impact which environmental uncertainty has on the value of cash holdings, which means corporate external financing costs caused by environmental uncertainty exacerbate financial constraints and cash holdings help to avoid financial risks and ensure effective investments.