The article chooses 453 non-financia l listed companies for the regression analysis to study the the ma in factors affecting China listed companies’ cash hold ings, using net increase in cash and cash equiva lents assets ratio(NCAR) as the change index of listed companies ’ cash hold ings, reflects both the change direction and degree of cash hold ings. According to the comprehensive analysis we find: the avera ge cash and equiva lents was increase from 2000 to 2007, and the avera ge NCAR was increasing since 2004; the avera ge NCAR of the non-sta te-controlled listed companies is higher tha n that of state-controlled ones, and the ma ximum and minimum of NCAR are all occurred in state-controlled listed companies; there exists a much significa nt correla tion between cash flow assets ratio and NCAR, the investment opportunities and the nature of domina nt stockholder have significa nt positive effects on NCAR ; and the enterprise size, profitability, the first majority shareholder sharehold ing ratio, executives sharehold ing ratio, concentration ration all have nonsignifica nt effects on NCAR.