When the financial constraints measured by Share Policy, Numbers of Times Interest Earned and Return On Equity, we found the higher level of financing constraints, the stronger forms of sensitivity of investment-cash flow. 以股利政策、已获利息倍数和净资产收益率作为融资约束的分类标准前提下,公司受到的融资约束越高,其投资-现金流敏感性越强。