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IEmailyanganhua@126.comII12345AbstractIntheperfectandcompletemarket,externalfundsarecompletesubstituteforinternalfunds,thenthereisnocorporateconstraints.Howewer,intherealworld,whichisincomplete,thescarcityoffinancialresourcesandtheproblemofinformationasymmetrymakesitdifficulttoallocatelimitedfinancialresourceseffectively,whichmakesalotoffirmsfailtoobtainsufficientfundstosupporttheinvestmentproject,evenifithasapositiveNPV.Ifthiscasehappens,thefirmisfinanciallyconstrained.Actually,financialconstraintsiswidespreadexistenceintherealIIIword,andsignificantlyinfluencescorporatecashholdingspolicyandinvestmentbehavior,andfurtherinfluencesthevalueofthecorporation.Therefore,itisveryimportanttoconductresearchonthecorporatefinancialconstraints,whichhasbeenbecomeoneofthemainstreamofresearchinthefieldofmoderncorporatefinance.However,Ifindthatsomefactorscastseriousdoubtonsomeexistingliteratures:firstly,usingthewedgebetweentheinternalandtheexternalcostsoffundsasthemeasureoffinancialconstraintshasabiggaptothereality,andcannotmeasurethefinancialconstraintsvalidly;secondly,thereisnodetailedtheoreticalargumentonthemetricsoffinancialconstraints;thirdly,thecomparativestudyonthedifferenceofcorporatecashholdingspolicyandinvestmentbehaviorundertheinfluenceofdiffenentfinancialconstraintscannotensurethedifferencesignificant;fourthly,modelspecificationessorsmaycausetheconclusionsbasedonthemodelinaccurately.Moreover,Ifindthattheabovefactorsaswellasthesampleselectionbasedondifferenttimeperiodsanddifferentmarketscausethedifferentconclusionsabouttherelationshipbetweenthefinancialconstraintsandinvestment-cashflowsensitivity.Thisthesisattemptstostudytherelationshipbetweenthefinancialconstraints,corporatecashholdingspolicyandinvestmentbehaviorfromthecreditrationingperspective,expectingtomakeupfortheabovedefectsinsomedegreeandprovidesomeinsightsonthemakingofrelevantpolicyofboththecorporationandgovernment.Basedonthetheoryofinformationasymmetry,agencycostandcreditrationing,usingthefinancialconstraintsasthemainline,thisthesisstudiesthecorporatecashholdingspolicyandinvestmentbehaviorundertheinfluenceoffinancialconstraints.Firstly,thisthesisbuildsafinancialconstraintsmodel,investmentdecisisionmodelandcorporatecashholdingsmodel,andthenanalyzestheimpactoffinancialconstraintsoncorporatecashholdingspolicyandinvestmentbehavior.Then,basedonthefinancialconstraintsmodel,thisthesisconstructsafinancialconstraintsindextomeasurethedegreeoffinancialcaonstraints.Finaly,usingthesampleofChineselistedmanufacturingfirmsoverthe2001to2008period,thisthesisconductsanempiricaltestonthecorporatecashholdingspolicyandinvestmentbehaviorundertheinfluenceoffinancialconstraints.Theconclusionsareasfollowing:(1)Thecorporatecashreservesarepositivetothedegreeoffinancialconstaints;firmswithhigherleveloffinancialconstraintsactuallyhavebigercashreserves.IV(2)Thereisapositiverelationshipbetweenthefinancialconstraintsandthecashfolwsensitivityofcash,firmswithhigherleveloffinancialconstraintspropensitytosavemorecashoutofcashflows.(3)Firmswithhigherleveloffinancialconstraintsactuallyhavelowerlevelofinvestmentandtheunderinvestmentproblemismoreserious.(4)Forbothoftheconstrainedandunconstrainedfirms,theinvestment-cashflowsensitivityispositive,andthisrelationshipiscausedbythesystemicincompletenessexistsinthecreditandcapitalmarket.Forfirmsunderthesamemarketenvironment,thereductionofinvestmentisprobablytheonlyobviousimpactcausedbyfinancialconstraints,thereisnosignificantrelationshipbetweenthefinancialconstraintsandtheinvestment-cashflowsensitivity.(5)Withtheimprovementofthecreditandcapitalmarketenvironment,theinvestment-cashflowsensitivitydeclined.Kewords:FinancialConstraints,CashHoldingsPolicy,TheCashflowSensitivityofCash,Investment-CashflowSensitivity,InvestmentBehaviorV1......................................................................................................................71.1..................................................................................71.2.....................................................................................................81.3......................................................................81.4...................................................................................................101.5...............................................................................................112.............................................................................................................112.1...................................................................................................112.1.1..............................................................................122.1.2..................................................................................142.1.3..................................................................................152.2................................................................................162.2.1..........................................................................162.2.2........