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When do corporate diversification increase financial liquidity?

机译：公司多元化何时能增加财务流动性？

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摘要

Different from the existing literatures mainly focus on the value effect of corporate diversification, our paper analysis and examines how corporate diversification affect financial liquidity, and wheher there exists difference under different property condition. The results show that, corporate diversification decrease cash holdigns in general, which indicates that the diversiciation strategy and cash holding policy are complementary in creating financial liquidity, there is liquidity effect of diversification. However corporate diversification would not increase the marginal value of cash holdings, which indicates the liquidity effect of diversification is not effective. When consider the effect of property, we find that diversification decrease cash holdigns significantly, while increase the marginlal value of cash holdigns significantly when financial is constranined and corporate governance is good in non-state-owned corporations. But we find the opposite results in state-owned corporations, Which indicates the liquidity effect of diversification is effective relatively in non-state-owned corporations. The contribution of our paper is filled the blank of literaure in the diversification's liquidity effect based on China evidence, which will enrich and expand the study on the relationship between diversification and financial policy.
机译：与现有文献不同的是，本文主要分析公司多元化的价值效应，本文分析并研究了公司多元化如何影响金融流动性，以及在不同财产条件下存在差异。结果表明，公司多元化经营总体上降低了现金持有量，这说明多元化经营策略和现金持有政策在创造金融流动性方面是相辅相成的，存在多元化的流动性效应。但是，公司多元化不会增加现金持有量的边际价值，这表明多元化的流动性效应无效。当考虑财产的影响时，我们发现，在非国有企业中，当金融被约束且公司治理良好时，多样化会显着降低现金持有量的边际价值，而显着提高现金持有量的边际价值。但是我们在国有企业中发现了相反的结果，这表明多元化的流动性效应在非国有企业中相对有效。本文的贡献填补了基于中国证据的多元化流动性效应的文学空白，这将丰富和扩展多元化与金融政策之间关系的研究。

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