本文旨在利用「投資對現金流量敏感度」取代「投資」，瞭解不確定性與敏感度之關係，並依敏感度區分為高、不敏感與負值三類，進一步觀察結果是否具一致性。為了考慮資金因素，本文亦將融資限制納入控制。利用2001至2005年間之上市公司為研究樣本，經由篩選後共選取314間公司作為有效觀察對象。實證結果發現不確定性會降低投資對現金流量敏感度，然在分類後發現兩者不具單調負向關係。就投資對現金流量不敏感之公司而言，主要是受到實質選擇權效果影響，使得遞延之不確定性會正向影響敏感度；而敏感度高之公司則是受到成長性與融資限制之影響使不確定性具有正向效果；至於敏感度為負之公司由於受到融資限制與內部資金不足之原因，使不確定性對敏感度產生負向影響，故在三類敏感度下，不確定性與敏感度之關係會受不同因素之影響。此外，在敏感度大於零的情況下，發現投資與現金流量的敏感度仍可以視為融資限制之代理變數。 Using investment-cash flow sensitivity instead of investments, this paper attempts to examine the relationship between uncertainty and the sensitivity and classifies the samples into three groups which are positive、insensitive and negative to analyze whether the results are consistent. Furthermore, we also control the impact of financial constraints with respect to the demand of funds. The data collected in this paper are the Taiwanese Stock-Listed companies from 2001 to 2005, and 314 effective samples are adopted. The empirical result shows that the relationship between uncertainty and the sensitivity is negative, while it is not monotonously negative after the samples are classified. For cash flow-insensitive firms, uncertainty positively impacts on the sensitivity due to the real option effect. Firms with high investment-cash flow sensitivity have characteristics associated with tighter financial constraint and more growth opportunities, so uncertainty has positive influence on the sensitivity. As to negative investment-cash flow sensitive firms, uncertainty negatively influences the sensitivity by tighter financial constraint and cash holding. In short, uncertainty affects these three sensitivities by different factors. Finally, the findings on the positive investment-cash flow sensitivity show that the sensitivity is viewed as the proxy of financing constraints.
