中文摘要：

以2007-2010年中国医药制造业上市公司264个样本数据为分析对象，从公司财务特征、公司内部治理机制及外部治理环境等角度实证检验了企业现金持有量的影响因素。分析结果显示：公司股利支付情况和金融业的市场化程度与企业现金持有量之间显著正相关，而现金替代物、财务杠杆、银行债务比例、管理层持股比例和法律环境与企业现金持有量之间显著负相关。

英文摘要：

The data of 264 samples of listed companies in Chinese pharmaceutical manufacturing industry from 2007 to 2010 are analyzed, the influence factors of corporate cash holdings are empirically tested from the three perspectives of company＇s financial characteristies, internal governance and external governance environment. The dividend payments and market-oriented of financial sectors are significantly positively correlated with corporate cash holdings, while cash alternatives, financial leverage, bank debt ratio, proportion of managerial ownership and the legal environment are significantly negatively correlated with corporate cash holdings.