中文摘要：

本文以我国A股2003-2008年5033个国有企业样本为研究对象,研究发现,在货币紧缩时期,企业会提高现金持有水平,但是这种现象主要出现在地方政府控制的企业中,中央政府控制的企业在货币紧缩时并不改变其现金持有的策略。进一步研究还发现,在货币紧缩时期,地方政府控制的企业获得的信贷资金和资本性支出都出现了显著的下降,但中央政府控制的企业所获得的信贷资金和资本性支出并没有出现显著的变化。

英文摘要：

Using a sample of 5033 SOEs that went public between 2003-2008,we find that the tightening of monetary policy raises cash holdings of local-government controlled enterprises while it has little effect on changing central-government controlled enterprieses＇cash holding strategy.Further research findings reveal that local-government controlled enterprises suffer greatly from credit tightening and a downward capital spending while from which central government controlled ones suffer less.