【摘要】 本文以2018—2023年我国沪深 A 股非金融类上市公司为研究对象，实证研究了分析师关注如何影响企业现金持有水平，并进一步探究了其作用机制和经济后果。研究发现：①从总体看，分析师关注会提高企业现金持有水平；②分析师关注可以通过缓解企业的融资约束，影响企业的预防性动机，从而降低企业的现金持有水平；③分析师关注可以通过监督管理层的行为发挥治理效应，影响企业的代理动机，抑制超额持现带来的过度投资，促进超额持现带来的研发投入，从而影响企业的现金持有水平。综上所述，本文的结果表明，分析师通过缓解融资约束、发挥治理效应途径，优化了企业现金持有行为，并提升了企业价值。本文通过分析师关注对企业现金持有的预防性和代理动机的影响，丰富了现金持有研究，揭示了分析师在企业经济活动中的信息中介和治理角色，并明确了现金持有对企业价值的影响。更多还原

【Abstract】 We use data from non-financial A-share listed companies in China from 2018 to 2023 and empirically analyze the impact of analyst following on the level and value of corporate cash holdings, as well as its underlying mechanisms. Overall, we find that analyst following is associated with higher levels of corporate cash holdings. First, analyst following mitigates firms’ financing constraints, reduces precautionary motives, and therefore decreases cash reserves. Second, analyst following monitors managerial behavior, reduces overinvestment caused by excessive cash holdings, and encourages R&D investment. Finally, analyst following enhances the value of cash holdings by constraining managerial opportunism, optimizes cash management practices, and significantly improves firm value. We expand the literature on cash holdings by analyzing the impact of analysts’ concerns on the preventive and agency motivations behind corporate cash holdings, reveals the roles of analysts as information intermediaries and governance actors in corporate economic activities, and clarifies the influence of cash holdings on corporate value.更多还原