Lou, sorry I misunderstood the question. The answer is really simple, sort of . A capacitor is a very simple device of two plates separated/insulated by a dielectric material just like a battery. Imagine two pieces of wire side by side, or ran in conduit Capacitors will pass AC current just like a resistor with an impedance equal to 1/(6.24 * F * C). All you really need to get from the equation is the larger the capacitance or the higher the frequency is, the lower the impedance becomes.
OK take away from this thought that a cable ran with another cable, or a cable in a raceway forms the two plates of a capacitor, will couple together and pass current,, even though they are insulated from one another. If the system is large (long lengths of cable), you form large plates of a capacitor. So in effect you are coupled by capacitance to ground and adjacent conductors.
So if you are with me and understand how a capacitor works, then you know a capacitor will pass AC currents. This means in a ungrounded system you are passing AC current through your cable insulation which deteriorates the insulation over time. So if you ground the system, you short out the capacitance.
Ringing is a little more difficult to explain because it involves the interaction between inductance and capacitance as they are exact opposites of each other. The easiest way I can explain it is an analogy of of putting yourself in a barrel that is sealed up, or you singing in the shower. If you hit the barrel with a hammer (an impulse like a switch on and off) you get a very loud amplified sound that rings and decays. Or in a shower when you hit a certain note it resonates and is far louder than any other note. Hope that makes sense because otherwise it takes a lot of math to explain. In short, series and parallel capacitive/inductive circuits form oscillators that will generate a signal when excited. All you have to do is remove either the capacitance or inductance to solve the problem. Since we cannot remove the inductance of the cable, we can remove the majority of capacitance.