Financial Constraint、Financial Flexibility And Investment Cash Flow Sensitivity Of Chinese Listed Companies

Investment behavior under financial constrains is always the hot issue in the field of corporate finance, but there is different ideas about the relationship between financing constraints and investment-cash flow sensitivity. There are two major conclusions: First, Fazzari, Hubbard and Petersen(1998) think there is a positive correlation between them, Second, Kaplan and Zingales(1997) represented a negative correlation. Different scholars try to explain the empirical results contradictory from different angles.Changing era of economic globalization makes companies face increasing uncertainty, in order to cope with environmental uncertainty, companies have chosen the flexibility to deal with the uncertainty as an important factors, although compared to other financial theory, financial flexibility research still belongs to a relatively new field, but more significantly the importance of it has attracted more and more researchers entered the field.This paper introduced the financial flexibility and sensitivity financing constraints correlation investment cash flow. Base on the theoretical basis by the relevant domestic and international research to sort out and review, analyze financial flexibility, the study between financing constraints and investment cash flow sensitivity is proposed to analyze the perspective of financial flexibility as financing constraints and investment cash flow sensitivity ideas relations and hypotheses, selecting our 2009-2011 Shenzhen and Shanghai ashare listed companies as samples, using SPSS software, descriptive statistics, significance testing, regression analysis, financing constraints, financial flexibility, investment cash flow sensitivity relationship of the three have been tested.This paper, First, analyze the correlation between financial constraints and financial flexibility, whether financial flexibility empirical corporate finance suffered its reserves related to the degree of constraint; secondly, the analysis of financial flexibility and investment cash flow sensitivity of correlation, empirical corporate investment cash whether flow-related sensitivity to the level of financial flexibility; again, analyze the relationship between financing constraints and investment cash flow sensitivity between empirical financing constraints affect how the cash flow sensitivity of investment companies; Finally, the financial flexibility of the mediating effect, empirical examine whether financial flexibility plays an intermediary role between financing constraints and investment cash flow sensitivity.The following is the conclusions: 1. In terms of financial flexibility, firms with big financial constraints, liabilities flexibility are relatively high, and therefore maintain a high level of financial flexibility; uncertainty large enterprises with respect to the volatility smaller businesses, shows higher cash flexibility, lower debt flexibility, lower the overall level of financial flexibility, but the results were not significant. 2, in the financial flexibility, financing constraints and investment behavior, under no financing constraints, investment companies cash flow sensitivity levels negatively correlated with financial flexibility, in the case of financing constraints, investment companies cash flow sensitivity positive.Combination of the above conclusion, we believe that under our system of background and market environment, the financial flexibility to become corporate management can not be ignored when considering important financial decisions, financial flexibility to the dynamic nature of the external environment, internal decision to introduce uncertainty clever financial management all aspects. Companies need their own specific circumstances and outside the industry, a reasonable allocation of financial flexibility to ensure that the ambiguity in the new environment, the complexity of the upgrade, to better cope with adverse shocks, investment opportunities, and promote healthy and sustainable development.