本文主要探討中國上市公司之政治連結、銀行信用額度與現金持有之關係。將中國上市公司，根據不同所有權結構分為國有企業與非國有企業，為了避免受到股權分置改革前後期間差異的影響，本研究樣本囊括上海股票和中國深圳交易所上市公司，期間採用2008年到2014年的中國上市公司為樣本。實證結果發現，國有企業其現金持有越高，對銀行信用額度有負面的影響。此外，非國有企業之中，有政治連結之家族企業其現金持有越高，對銀行信用額度有正面的影響；非國有企業中，有政治連結之境內法人其現金持有越高，對銀行信用額度有負面的影響。結果可以顯示出政治連結與所有權結構會影響銀行信用額度與現金持有的關係。 ;The study examines the impact of the political connection on the relationship between bank lines of credit and cash holdings in Chinese listed firm. According to different ownership, we divided the sample into state-owned and non-state-owned firms. In order to avoid the effect of the split structure reform and lockup periods that may affect the market price, we included firms listing on Shanghai and Shenzhen stock exchange from 2008 to 2014. We find that SOEs hold more cash, and they have a negative impact on bank lines of credit. In non-SOEs, the family firms hold more cash, and they have a positive impact on bank lines of credit; the domestic firms hold more cash, and they have a negative impact on bank lines of credit. To sum up, the results show that both of the political connection and different ownership have impacts on the relationship between bank lines of credit and cash holdings.
