The coinsurance effect can explain why the state-controlled companies diversify, and we do not find any proof on the ineffectiveness of internal capital market of non-state-controlled companies.

• 多元化动机的差异可能是造成这种现象的原因。共同保险理论可以解释国有控股企业资本结构的显著改变；对于非国有控股企业，我们没有发现内部资本市场失效的证据。