The empirical results show that, in firm characteristics, corporate cash holdings less, lower financial leverage of enterprises, enterprises facing financing constraints, or with higher growth opportunities, cash holdings continue to higher cash value.

Empirical results indicate that, in the Enterprise features of cash, a small number of businesses, financial leverage is low, the business faced with financing constraints or have a high-growth opportunities in the business to continue to increase at a higher cash value.

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Empirical results show that, in terms of enterprise features, Enterprise holding less cash, less financial leverage financing constraints facing enterprises, enterprises or enterprises with high growth opportunities while continuing to outperform cash cash value is higher.

The real diagnosis result indicated that, in the enterprise characteristic aspect, has the cash few enterprises, the financial release lever low enterprise, or has the high growth opportunity enterprise faced with the financing restraint enterprise when continues to increase holds the cash the cash