文章以2007年~2011年中国沪深A股民营上市公司数据,考察企业家声誉对现金持有水平的影响,以及该影响在不同社会信任程度下的差异问题。研究发现,企业家声誉及其水平与民企现金持有水平显著负相关,该负向影响在高社会信任地区更显著。进一步研究发现,企业家声誉降低企业现金持有水平的可能机制是,它依赖于企业家声誉具有的谈判、寻租与担保能力,有助于企业获取信贷支持,缓解企业资源约束。 This article examines the impact of entrepreneurial reputation on the cash holdings from 2007 to 2011 data of A-share private listed companies in Shanghai and Shenzhen, as well as the differences in the impact of different levels of social trust. The study found that entrepreneurial reputation and its level are significantly and negatively correlated with cash holdings of private enterprises, which is more significant in areas of high social trust. Further research finds that the possible mechanism of entrepreneurial reputation reducing cash holding level of enterprises is that it relies on the negotiation, rent-seeking and guarantee capabilities of entrepreneur’s reputation, which helps enterprises to obtain credit support and ease the resource constraints of enterprises.