Based on the data of listed companies of Shanghai and Shenzhen Stock Exchange from 2007-2013,it was found that the relationship between and cash holdings are significantly positive.For private listed companies financial constrained companies, this relationship indicates that China's listed companies will increase their cash holdings in response to the continuous investment in technological innovation.With the level of financing risk improving, the increasing extent of cash holdings is more sensitive to the the technological innovation investment.This study not only enriches the cash holdings of related research and technological innovation from the perspective of improving the research into the relationship between investment and cash holdings policies and the corresponding policy recommendations from the perspective of financing risks.
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