| The sensitive research of the investment and the cash flow is one hot spots of modern West finance fundamental research in the recent 20 years. Since entering the 21st century, the domestic academic circles has also conducted the research of the behavior to the enterprises, there was basically using the data of our country's listed companies to verify some overseas hypothesis, research framework in line with foreign countries. But our country is in the period of Economic Transition, had the very big difference with the overseas actual situation. According to the specific national conditions of China, this article will research the relation between the investment and the cash flow.In this article, firstly summarize the relevant theories about the investment and cash flow; Then select the appropriate data, set the main target to establish suiting our country's empirical research model, this article not only established the model of cash flow to investment sensitivity and tries to set up the model of investment to cash flow sensitivity and proposed the research supposition; According to this empirical research model, carried on the descriptive statistical analysis, the relevant analysis and the multivariate linear regression analysis to analyze our listed companies between investment and the cash flow, and further industrial classification to research the relation between the investment and the cash flow of different industries; According to the results of empirical studies, we can educe that the listed companies in China the sensitivity of investment to cash flow is not significant, and the sensitivity of cash flow to investment is also not significant, this conclusion is different form the foreign countries. Finally base on the conclusions to analyze the reasons for low investment efficiency of listed companies, and according to the results to propose advices to improve the investment position, so that our country's economy can develop healthily and steadily. |
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