中文摘要：

基于2007年《物权法》实施的自然实验,考察了中国上市公司的现金持有动机。研究发现,《物权法》实施后,随着产权保护的增强,公司现金持有量显著减少,说明公司现金持有行为是基于融资约束的预防动机,而非政府掠夺风险下的代理动机,这在政府质量低的地区以及无政治关联企业和非国有企业中表现得更为明显。进一步的研究显示,《物权法》缓解了融资约束,减少了公司对内部资本市场的依赖,使其投资-现金流敏感性减弱,经营活动现金流储存率降低。

英文摘要：

Based on a natural experiment on the implementation of the Property Law in 2007,this paper examines the motivations of cash holdings of listed companies.We find that,in the circumstance of strengthening property protection after the implementation of the Property Law,corporates＇ cash holdings have a significant decline,what refers to a precautionary motive for financing constraints.This negative correlation between Property Law and cash holding is more effective in firms with lower government quality and non-state-owned enterprises.Furthermore,the implementation of the Property Law mitigates financing constraints,thereby decreasing the reliance of the internal capital market.Meanwhile,the sensitivity of investment-cash flow and the reserve of cash flow for business operations are both reduced.