The Listed Companies’ Growth And Financing Constraints On Enterprises Investment Behavior

business enterprise value. The investment behavior of companies is also the important factor of the macro and micro economic operation and capital market activities. In inefficient and incomplete markets,The company’s investment behavior will not only related by the company’s growth characteristics and its operating environment, but also been effected by their financing constraints. Nearly 20 years, Finance constraint was the field of International Finance’s a hot research issue. the cost of external financing will be different from internal financing because of the asymmetric information among market participants. Enterprises was difficult to obtain external financing required for capital investment, resulting in lack of business investment. So the company’s investment decisions will be the impact of financing constraint and corporate investment by financing constraints are sensitive to their internal funds.This article based on reviewing the relevant research related documents at home and abroad, This article discussed the effect that in different circumstances financing constraints on the investment company. Firstly, the population research shows that our enterprises have the relevance of cash flows which universally in the Western. At the same time, asymmetry information and agency theory both influence the sensitive relationship of investment and cash flows. Secondly, the population in the paper and motivation based on the scale of the population groups in financing constraints that in terms of indicators, which studied the various financing constraints indicators to measure, and the sample of the investment company suffered internal cash flows and their theory of motivation. The inspection by the flow of sensitivity as well as in a different growth in investment enterprises are insufficient or excessive investment. Group research shows that higher financing constraint group of high-growth enterprises, and low financing constraint group of low-growth enterprises, there is insufficient investment, which is consistent with asymmetric information theory. And higher financing constraints group of low-growth enterprises and low financing constraint group of high-growth enterprises, there is a serious over-investment situation, which is consistent with Western free cash flow hypothesis.