中文摘要：

利用2008—2011年中国上市公司数据，本文从最终控制人的视角来识别中国上市公司中的企业集团，在此基础上考察了企业集团、货币政策与现金持有之间的关系。研究发现：首先，从整体上来看，与独立公司相比，企业集团控制的上市公司现金持有量更低；其次，货币政策对企业现金持有有着显著的影响，紧缩性的货币政策导致上市公司现金持有量增加；第三，企业集团能够削弱紧缩性货币政策对现金持有水平的影响，在货币政策紧缩时期集团控制的上市公司的现金持有水平增加更少；最后，企业集团、货币政策对现金持有的影响存在显著的所有制差异。一系列的稳健性检验结果进一步证实了上述结论的可靠性。

英文摘要：

We investigate whether business groups and monetary policy in China influence corporate cash hold- ings of member firms. We find that the group affiliated firms have lower corporate cash holdings than the independent ones, which means business group acting as internal capital markets. We also find that corporate cash holdings increase when monetary policy become tighter and business group help member firms overcome the impact of tightening monetary policy. Finally, the impact of business group and monetary policy on corporate cash holdings vary between SOE and Non-SOE, we find a more significant correlation in Non- SOE sample.