雖然投資-現金流敏感度（ICFS）在公司財務文獻中多所討論，但這種關係的研究尚未存在一致的結果，而且大多數過去文獻都基於現金流量觀點。本文使用台灣證券交易所2001-2017年期間的上市公司為樣本，探討實質選擇權對ICFS的影響。本文主張投資與內部現金流量間的關係，可能必須從現金流量與投資兩個方向來考慮。在檢測本文的樣本後，實證結果發現：第一，實質選擇權會增加投資與內部現金流的敏感度。第二，在控制財務限制之下（從現金流面來看），實質選擇權（從投資面來說）亦為解釋敏感度的重要解釋變數。 第三，實質選擇權可以擴大財務限制對投資與現金流敏感度的影響。 Although Investment-Cash Flow Sensitivity (ICFS) is well documented in the corporate finance literature, results of this relationship are controversial and most of the previous papers based on cash flow viewpoint. Using a sample of firms listed in Taiwan Stock Exchange over the period 2001-2017, this paper investigates the impact of real options on ICFS. We argue that the relationship between investment and internal cash flow has to be considered from both aspects: Cash flow and investment. After examining our sample, we have some interesting results. First, real options increase the sensitivity of investment on internal cash flow. Second, under controlling financial constraints (From the cash flow aspect), real options (From the investment aspect) is also an important explanatory variable. Third, real options can expand the effect of financial constraints on Investment-Cash flow sensitivity.
