So the paper has a view that the ownership characteristics of China's listed companies have partly effected the cash holding level.

因此论文认为，在其他因素的影响下，所有权特征一定程度上影响了我国上市公司的现金持有水平。

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A large number of foreign literatures had tested the cash holding level not only was affected by finance behavior but also is connected with ownership characteristics.

国外已有的大量文献都认为企业现金持有水平不仅受到企业财务行为的影响，更加与企业的所有权特征紧密相连。

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Because a large number of foreign literature had confirmed the ownership characteristics is have a definite impact on the cash holding level. So, such a conclusion may not be satisfactory.

这种结论可能是不令人满意的，因为国外大量的文献都验证了所有权特征对现金持有水平确实起到了一定的影响作用。

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