[21]Harford J, S.A. Mansi, W.F. Maxwell, Corporate governance and firm cash holdings [R], working paper, SSRN, 2004 An empirical study on the relationship between positive or negative excess cash holdings and the performance of investment in china listed firms (1 Statistics department, Chengdu University of Information Technology Chengdu 610225) (2 School ofeconomics and management, Southwest Jiaotong Uniersity: Chengdu 610031) Abstract: This paper studies the re lations between listed firms positive or negative cash hold ings and investment behav ior in hina, and examine whether the investment behav ior affected by excess cash holdings is reasonable? We select listed firms that continuously have data for more than 4-years during 1998-2003 in Shenzhen and shanghai Stock Exchange as sample. We find, listed firms which have positive excess cash holdings have more long-time investment, less fixed-assets investment and short-time investment than listed firms which have negative excess cash hold ing increase with positive excess cash holdings quickly, and reduce with negative excess cash holdings slowly. And the performance of listed firms which have positive excess cash holdings is better than listed firms which have the negative excess cash holdings, but the investments performance of listed firms which have positive excess cash holdings is worse. Key words: positive excess cash holdings, negative excess cash holdings, investment, performance 作者简介及联系方式: 张凤(1977—),女,汉族,四川绵阳人,成都信息工程学院统计系,管理学博士,研究方向: 金融理论与公司财务 联系电话:013688493415 E-mail:zhangfenghtha163.com zfhtha163.com 通讯地址:四川师范大学历史旅游学院办公室黄天华(转收)邮政编码:610068 黄登仕(1961—),男,汉族,重庆忠县人,西南交通大学经济管理学院副院长,教授,博士生导 师,研究方向:金融理论与公司财务 联系电话:(028)87634016 通讯地址:西南交通大学经济管理学院 邮政编码:610031[21] Harford J., S. A. Mansi, W.F. Maxwell, Corporate governance and firm cash holdings [R], working paper, SSRN, 2004. An empirical study on the relationship between positive or negative excess cash holdings and the performance of investment in china listed firms ZHANG Feng 1 HUANG Dengshi 2 (1 Statistics department, Chengdu University of Information Technology, Chengdu 610225) (2 School of economics and management, Southwest Jiaotong University, Chengdu 610031) Abstract: This paper studies the relations between listed firms’ positive or negative cash holdings and investment behavior in china, and examine whether the investment behavior affected by excess cash holdings is reasonable? We select listed firms that continuously have data for more than 4-years during 1998-2003 in Shenzhen and Shanghai Stock Exchange as sample. We find, listed firms which have positive excess cash holdings have more long-time investment, less fixed-assets investment and short-time investment than listed firms which have negative excess cash holdings. Long-time or fixed-assets’ investments increase with positive excess cash holdings quickly, and reduce with negative excess cash holdings slowly. And the performance of listed firms which have positive excess cash holdings is better than listed firms which have the negative excess cash holdings, but the investments’ performance of listed firms which have positive excess cash holdings is worse. Key words: positive excess cash holdings, negative excess cash holdings, investment, performance 作者简介及联系方式： 张凤（1977－），女，汉族，四川绵阳人，成都信息工程学院统计系，管理学博士，研究方向： 金融理论与公司财务 联系电话：013688493415 E-mail: zhangfeng_hth@163.com zfhth@163.com 通讯地址：四川师范大学历史旅游学院办公室 黄天华（转收） 邮政编码：610068 黄登仕（1961—），男，汉族，重庆忠县人，西南交通大学经济管理学院副院长，教授，博士生导 师，研究方向：金融理论与公司财务 联系电话：（028）87634016 通讯地址：西南交通大学经济管理学院 邮政编码：610031