Based on the stakeholder theory and resource dependence theory, this paper examines the impact of corporate social responsibility performance on cash holdings, and carries out an empirical test adopting samples of listed companies in A-share stock markets of Shanghai and Shenzhen from 2010 to 2016. The study finds that: good corporate social responsibility performance can effectively reduce cash holdings, especially in non-state-owned enterprises; the optimization of institutional environment can strengthen the inhibiting effect of corporate social responsibility on cash holdings, especially in non-state-owned enterprises.