中文摘要：

笔者从关联关系、股权性质异同、公司发起人身份多个角度测度我国上市公司的股东关系,研究了股东关系对企业现金持有水平与价值的影响及作用机制。研究发现股东之间存在关联关系或股权性质相同会削减企业的现金持有价值;相反,股东同为发起人增加了企业的现金持有价值。股东关系影响现金持有价值的作用机制在于：股东关系的存在会强化企业自由现金流与投资效率之间的负向关系。

英文摘要：

From the perspective of incidence relation,similarities and differences of stock ownership,and the identity of company promoters,this paper studies how relations between the shareholders impact the cash holdings level and the value of the cash holdings and the functionary mechanism. The results show that the existence of relationship between shareholders or the same equity nature will reduce the cash value; On the contrary,the shareholders concurrently as the promoters will boost the value of corporate cash holdings.The mechanism that shareholders have impact on cash holding value mainly embodies as that the existence of shareholder relations will strengthen the negative correlation between free cash flow and enterprise investment efficiency.