中文摘要：

以2007～2013年我国A股上市公司为研究对象,将公司治理特征和企业财务特征关联起来,考察内控质量与多元化经营对公司超额现金持有水平的影响,探索内部控制在多元化经营与超额现金持有关系中的独特作用。研究发现,高质量的内部控制显著抑制了企业的超额现金持有水平和多元化经营程度;由于内部控制对多元化经营的显著抑制效应,多元化经营与超额现金持有水平之间呈现了显著的正相关关系。进一步研究发现,内部控制可以显著地抑制上市公司的非相关多元化经营,而对相关多元化经营则没有显著的降低效应,由此非相关多元化经营与超额现金持有水平之间呈现显著的正相关关系,而相关多元化经营与超额现金持有水平之间仍呈现负相关关系。研究表明,高质量的内部控制对于抑制上市公司盲目扩张、降低超额现金持有行为、缓解日趋严重的多元化代理问题具有重要的管控价值。

英文摘要：

Taking the Chinese A-share listed firms from 2007 to 2013 as samples,we investigate how the quality of internal control and diversification influence excess cash holdings and the unique effect of internal control on the relationship between diversification and excess cash holdings by attempting to link corporate governance and its financial characteristics. We find that internal control can significantly restrain the level of excess cash holdings and diversification; the relationship between diversification and excess cash holdings is proved to be significantly positive,due to the significant limiting effect of internal control on diversification. Further,we consider the relevance of diversification and find that internal control can significantly repress the level of unrelated diversification,while can not restrain the level of related diversification,so the relationship between unrelated diversification and excess cash holdings becomes significant positiveness,the relationship between related diversification and excess cash holdings still keeps negativeness. These research outcomings show that the sound internal control plays a unique role in the suppression of blind diversification,reducing the excess cash holdings and easing the increasingly serious agency problem steming from diversification.