中文摘要：

以2005—2011年沪深两市上市公司为研究样本，实证分析了在外部环境相对稳定和相对波动情况下，公司现金持有量对公司价值的影响，并对现金持有持续性在现金持有量与公司价值间的调节作用进行探讨。研究结果表明：当企业所面临的外部环境波动较小时，较高的现金持有对公司价值产生负面影响，并且持续性过量现金持有加剧了这种负面影响；当企业所面临的外部环境波动较大时，公司价值与现金持有量呈现正相关关系，但持续性过量现金持有削弱了这种正面效应。

英文摘要：

Based on the data of listed companies of Shenzhen and Shanghai stock exchanges from 2005 - 2011, the effects of cash holding on enterprise value in relatively stable and fluctuant external environment are analyzed respectively. Besides, the modulating role that cash holding persistence plays in the relationship between cashing holding volume and corporate value is discussed. The results show that high cash holding has negative influence on corporate value when the external environment is relatively stable, and the effect is strengthened by the continuous over cash holding. On the other hand, when the external environment is relatively fluctuant, enterprise value has positive correlation with cash holding, but the effect is reduced by continuous over cash holding.