中文摘要：

笔者区分所有权性质并以股改后（2007年～2009年）上市公司非平衡面板数据为样本，检验多元化与现金持有关系，研究发现，中国上市公司多元化与现金持有不存在统计显著的相关性。但国有控股企业多元化与现金持有量显著正相关，而非国有控股企业中两者显著负相关。国有控股企业多元化反而降低了现金管理效率，而非国有控股企业通过多元化实现了更高的内部资本市场效率，从而持有更少现金。研究结果间接支持了现金持有的委托代理理论。

英文摘要：

This paper makes a distinction on the nature of ownership and empirically investigates how diversification affects cash hold-ings with samples listing firms from 2007 to 2009 unbalanced panel data. It is found that China＇ s listing firms show no significant cor-relation between diversification and cash holdings. When distinguishing ownership nature for study, state-owned firms show significantly positive relation while non-state-owned companies show significantly negative. This empirical research indicates that compared with state-owned firms, non-state-owned firms may enhance the efficiency of ICM （Internal Capital Marketing） through diversification and reduction of cash holdings.