So the paper has a view that the ownership characteristics of China's listed companies have partly effected the cashholding 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。
2
A large number of foreign literatures had tested the cashholding level not only was affected by finance behavior but also is connected with ownership characteristics.
Because a large number of foreign literature had confirmed the ownership characteristics is have a definite impact on the cashholding level. So, such a conclusion may not be satisfactory.