关键词: 经济政策不确定性, 现金持有, 股权激励, 融资约束

Abstract: Based on the quarterly data of non-financial listed companies in A-share market from 2008 to 2018, the impact of economic policy uncertainty on the cash holding level of enterprises is empirically studied, and the factors affecting the relationship between the two are explored The results show that: first, when economic policy uncertainty rises, enterprises will increase their holdings of cash, and according to the theory of interest convergence, for enterprises with equity incentives, economic policy uncertainty has a greater impact on their cash holdings Second, for enterprises with high degree of financing constraints, economic policy uncertainty has a greater impact on their cash holdings Third, in the aspects of region and industry, the cash holdings of enterprises in the central and western regions and industries with higher levels of competition are more sensitive to the economic policy uncertainty

Key words: economic policy uncertainty, cash holding, equity incentive, financing constraint