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中文摘要：
以流动性偏好理论为基础,通过理论模型推导出不同融资约束的公司会依据其现金流波动性进行有差异的现金持有行为决策;以2001~2006年间4 285个公司年数据为样本,实证检验并分析了中国上市公司融资约束、现金流波动性和现金持有量之间的相互关系。结果表明：在中国资本市场,融资约束公司的现金流波动性高于非融资约束公司,而现金持有量却低于非融资约束公司;前者现金持有量与现金流波动性显著正相关,而后者无显著相关性。
英文摘要：
Based on the liquidity preference theory,we deduc a theoretical model showing that firms with different finance constraints vary their cash holding decisions according to the cash flow volatility.Meanwhile we analyze the interaction of firm＇s financial constraints,cash flow volatility and cash holdings through empirical test with 4285 firm-years from 2001 to 2006.The result shows that in the Chinese capital market the cash flow volatility of financially constrained firms is higher than that of unconstrained firms,while cash holdings are lower;the cash holdings of former ones are significantly positive related to cash flow volatility,but later ones have no significant relationship.
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