Study on cash holdings behaviors in terms of industry growth can explain the reason of heterogeneous behaviors distributed across industries, and we can further investigate its effect on the corporate value. The result shows that corporations with high industry growth hold higher cash flow,and are more likely to waste valuable invest-ment opportunities due to lack of cash. As a result, the value of cash held by the listed companies with high industrial growth tends to be higher. In the times of tightened monetary policy, considering both precautionary and speculative motives,there is a significantly positive effect of industry growth on corporate cash holdings and its value.%本文从行业成长性的角度研究现金持有行为,并在此基础上考察现金持有行为对公司价值产生的影响.研究发现:行业成长性高的企业持有更高的现金量,同时因为资金短缺导致错过有价值的投资机会而造成损失的可能性更高,所以行业成长性高的上市公司持有现金的价值也更高;在货币政策紧缩时期,出于预防性动机和投机动机的考虑,行业成长性对公司现金持有水平与价值的正向影响更为显著.
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