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Abstract: MM in theory, the company's investment decision-making has nothing to do with the financing. Imperfections in the capital markets, because of asymmetric information and agency problems, the company is higher than the cost of external financing in-house financing costs and thus the formation of external financing constraints, leading to rely on internal cash flow to invest. At present, China's capital market is in a transition period, there is a more serious problem of asymmetric information and agency to study the Chinese listed companies and investment within the relationship between cash flow from the microscopic to the understanding of the listed companies on the investment and financing, on the macro level Government should tighten the supervision of listed companies, optimize the investment and financing acts of a certain significance.

In this paper, the academic community around the big differences between "whether there is a reliance on internal cash flow," and "financing constraints of the classification criteria" and "different financing of investment companies under the constraints of internal cash flow dependence," and "have to rely on internal cash flow to invest the motives" , And other issues studied. The author uses the year 2005 China Shanghai and Shenzhen stock of 480 listed companies for manufacturing research, the establishment of investment-related decision-making models and assumptions used cluster analysis and multiple regression analysis and other methods.

Key words: investment companies: internal cash flow; financing constraints

Abstract: MM in theory, the company's investment decision-making has nothing to do with the financing. Imperfections in the capital markets, because of asymmetric information and agency problems, the company is higher than the cost of external financing in-house financing costs and thus the formation of external financing constraints, leading to rely on internal cash flow to invest. At present, China's capital market is in a transition period, there is a more serious problem of asymmetric information and agency to study the Chinese listed companies and investment within the relationship between cash flow from the microscopic to the understanding of the listed companies on the investment and financing, on the macro level Government should tighten the supervision of listed companies, optimize the investment and financing acts of a certain significance.

In this paper, the academic community around the big differences between "whether there is a reliance on internal cash flow," and "financing constraints of the classification criteria" and "different financing of investment companies under the constraints of internal cash flow dependence," and "have to rely on internal cash flow to invest the motives" , And other issues studied. The author uses the year 2005 China Shanghai and Shenzhen stock of 480 listed companies for manufacturing research, the establishment of investment-related decision-making models and assumptions used cluster analysis and multiple regression analysis and other methods.

Key words: investment companies: internal cash flow; financing constraints
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Abstract:The MM (Modiigliani and Miller) theory believes that the investment decision is not relating to the financial way. In the inefficient and incomplete capital market，asymmetric information and agency problem make the external financial cost is higher than the internal financial cost , which results the firms， investment depending on cash-flow.
Now days，China，s capital market is in the process of transition and exists some serious asymmetric information and agency problem. The search on company investment depending on cash-flow will be meaningful in understanding the behavior of companies and in making policies for government.
The topic of the relationship between investment and the cash-flow，the classification principle of the financial constraints，the relationship between financial constraints and investment depending on cash-flow，and the reasons of investment depending on cash-flow have already become the hot issues in recent years . So the author selects the 480 listed manufacturing companies of Shanghai and Shenzhen stock markets as research objects，establishes investment decision model and brings forward relevant hypotheses based on the literature study，and analyzes the models by means Of Multiple Regression Model and C1uster Analysis，etc.

Key words: Company investment，Cash-Flow，Financing constraints

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