過去文獻常以資訊不對稱或是代理問題的角度解釋公司投資支出與內部現金流量敏感度，而資訊不對稱主要以融資限制議題被廣泛討論，Fazzari, Hubbard and Petersen(1988)、Kaplan and Zingales(1997)等對於融資限制如何影響投資與現金流量敏感度提出不同的見解。因而，本文欲研究台灣上市公司是否存在此種因外部資金融資行為而產生投資與現金流量敏感度之不同的情況存在，並且首先提出「內部資金本身的穩定度」會影響投資與現金流量敏感度之想法，以「盈餘持續性」來做為其衡量指標，進一步探討其對投資與現金流量敏感度之影響。實證結果發現，台灣上市公司普遍存在融資限制程度越高，投資與現金流量敏感度越高的情形，而盈餘持續性確實也影響投資與現金流量敏感度，並發現在低融資限制公司，盈餘持續性對投資與現金流量敏感度的影響將會成為關鍵主導因素。而高盈餘持續性相對低盈餘持續性使投資與現金流量敏感度產生差異的程度，相對於高融資限制相對低融資限制使投資與現金流量敏感度產生差異的程度更大，因此更加證實盈餘持續性為影響投資與現金流量敏感度的重要因素。 In the past studies, asymmetric information problem and the agency cost are considered the main factors that influence the investment-cash flow sensitivity. It is also considered one of the most influential financial constraint factors. In the researches of Fazzari, Hubbard and Petersen(1988)、Kaplan and Zingales(1997), different opinions were raised to explain the way financial constraints effect investment-cash flow sensitivity. In the research, we are interesting in whether such phenomenon exists in Taiwan market. The research is based on the thought of internal fund sustainability will change the investment-cash flow sensitivity. Taking the earning persistence as benchmark, further discuss of the sensitivity is provided in the research. According to the practical results, In Taiwan, firms that appear less financially constrained exhibit significantly smaller investment-cash flow sensitivities than firms that appear more financially constrained. As for those less financially constrained companies, earning persistence play a critical role in investment-cash flow sensitivity. The earning persistence shows more influence than financial constraints does. In a nutshell, earning persistence is proved to be a vital factor of investment-cash flow sensitivity determinant.
