Abstract: Cash is an important asset of an enterprise, and the academic circles at home and abroad pay great attention to the amount of cash holdings, and have formed a rich theory. This study takes the new economic normal as the background, focuses on cash holdings of China's listed media companies to analyze the influencing factors of cash holdings by multiple linear regression.This study finds that cash holdings, company size, and current liabilities ratio show a positive correlation, while a negative correlation with the total liabilities. No correlation is found between cash holdings and net cash flows from operating activities, long-term debt to working capital ratios. This study proposes to further improve the efficiency of capital operation of listed media companies so as to guard against debt risks.