This paper investigates the different impacts of managerial political connections on corporate cash-holding based on different ownership. With the sample of Chinese listed companies, it is found that local SOEs’ managerial political connections are associated with higher levels of cash holdings and lower value of corporate cash holdings, which support “pillage” presupposition of managerial political connections. The private enterprises’ managerial political connections are associated with both lower levels and value of cash holdings, which is in accordance with “support” hypothesis of managerial political connections. However, both the level and the value of cash-holding of SOE owned by the central government do not change with its managerial political connections.