本文主要探討中國大陸上市公司的集團企業，不同所有權結構下的現金持有價值，研究期間為2004年到2013年。實證結果發現，中國上市公司隸屬於集團企業現金持有價值較非集團企業低。此外，將樣本分為國有企業與非國有企業，國有企業隸屬於集團企業者其現金持有並未對公司價值造成影響，而非國有企業隸屬於集團企業者的現金持有對其公司價值有負面影響，顯示集團企業的內部資本市場對非國有企業的影響較為顯著。然而，進一步針對國有集團企業與非國有集團企業的控制權與現金流量權分歧程度做探討，在股權分歧程度越大的集團企業，其現金持有對公司價值皆有負面影響，顯示股權分歧程度會增加公司的利益輸送行為，因此其現金持有對公司價值較為不利。

This study examines the value of cash holdings of Chinese listed firms with different ownership structure. The sample period is between 2004 and 2013. The empirical results indicate that, Chinese listed firms which affiliated with business group have higher value of cash holdings than non-business group firms. In addition, when we divided sample into state-owned and non-state-owned firms, the cash holdings in state-owned firms affiliated with business group have no impact on the firm value. The cash holdings in non-state-owned firms affiliated with business group have negative impact on the firm value. The results present evidence that the role of business group in providing internal capital market is more significant in non-state-owned group firms. However, when we investigate the deviations between the control rights and cash flow rights in state-owned and non-state-owned business group firms, the cash holdings have negative impact on the firm value in both types of business group firms with high deviations. The results suggest that the deviations may increase the tunneling activities, their cash holdings therefore have negative impact on the firm value.

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