Taking non-financial listed companies in China as the research object, this paper makes a statistical analysis and empirical test on the cash holdings and its influencing factors. The results show that in the listed companies in China, the phenomenon of high cash holdings exists universally. Both on-the-job consumption and agency cost have a significantly positive correlation with cash holdings. Both the degree of ownership concentration and the degree of equity restriction have a significantly inverted “U”-shaped relationship with cash holdings. Both the uncertainty of operating activities and the uncertainty of financial activities have a significantly negative correlation with cash holdings. Profitability has a significantly positive impact on cash holdings. Debt financing is negatively related to the cash holdings significantly. The above findings provide some empirical evidence about the anomalies of cash holdings, which shows the particularity of Chinese institutional environment and governance structure of listed companies.