Abstract:In this paper，the 2005 annual national Innovation of non-tradable shares is incorporated into the regression mode as Macroeconomic policy that our country improves the financial market. Considering large quantities of indexes reflecting the financing constraints，this paper firstly used the Logistic regression method included multiple influencing factors of financing constraints and created a single index about listed companies’ financing constraints to quantify the sample enterprise financing constraints. Secondly，the paper constructed a Panel Data model about listed company investment-cash flow sensitivity，divided the sample data into 1999-2004 and 2005-2009 year two groups for comparative analysis，observed the 2005 annual innovation of non-tradable shares improving the corporate financing constraints phenomenon or not，and studied the relationship between financing constraints and corporate investment behaviors. The results reveal that the national innovation of non-tradable shares indeed improve the financing constraints our listed companies facing with. In the 1999-2004 year range，due to the principal-agent factors’ influences，listed company financing constraints and investment-cash flow sensitivity showed “U”-type relationship，namely，managers may invest excessively for the pursuit of personal interests lead to high enterprise investment-cash flow sensitivity when financing constraints is low and the enterprise has sufficient funds；In 2005-2009 year range，the improvement of financial market weaken the principal-agent factors’ influences on enterprises investment，and financing constraints and the listed company investment-cash flow sensitivity in our country is positively related，supporting the mainstream viewpoint of domestic and foreign scholar studies.
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