Penelitian ini bertujuan untuk menganalisis Cash Flow, ΔNet Working Capital, ΔShort − term Debt, Capital Expenditure, Tobin's Q dan Size terhadap Cash Holding pada perusahaan manufaktur financially constrained dan non financially constrained yang terdaftar di Bursa Efek Indonesia periode 2004-2013. Jumlah financially constrained firms adalah sebanyak 22 perusahaan, sedangkan non financially constrained firms adalah sebanyak 22 perusahaan. Pengujian ini dilakukan dengan menggunakan model least square. Penelitian ini menemukan bahwa pada financially constrained firms, Δ𝑁𝑒𝑡 𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙, Expenditure, Q dan Size berpengaruh negatif terhadap Δ𝐶𝑎𝑠ℎ 𝐻𝑜𝑙𝑑𝑖𝑛𝑔. Sedangkan Cash Flow berpengaruh positif terhadap Δ𝐶𝑎𝑠ℎ 𝐻𝑜𝑙𝑑𝑖𝑛𝑔. Berbeda halnya dengan non financially constrained firms yang mana Δ𝑁𝑒𝑡 𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 dan Expenditure berpengaruh negatif terhadap Δ𝐶𝑎𝑠ℎ 𝐻𝑜𝑙𝑑𝑖𝑛𝑔 sedangkan Cash Flow, Q dan Size berpengaruh positif terhadap Δ𝐶𝑎𝑠ℎ 𝐻𝑜𝑙𝑑𝑖𝑛𝑔.

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This research is analyzing manufacturing companies? cash holding policy in financially constrained firms and non financially constrained firms that listed on IDX in period 2004-2013. There are 22 financially constrained firms and also 22 non financially constrained firms. The statistical tests are conducted with least square regression model. The result shows that in financially constrained firms, cash holding are negatively influenced by Δ𝑁𝑒𝑡 𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙, Expenditure, Tobin?s Q and Size but positively influenced by Cash Flow. In non financially constrained firms, cash holding are negatively influenced by Δ𝑁𝑒𝑡 𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 and Expenditure but positively influenced by Cash Flow, Tobin?s Q and Size.