中文摘要：

文章利用我国上市公司财务数据和各地区金融发展指数，从投资-现金流敏感性的视角，实证考察金融发展和市场化进程对公司外部融资约束的缓解效应。实证研究发现，金融发展和市场化程度能够显著降低融资约束公司的投资-现金流敏感性，缓解其外部融资约束程度。因此，为了促进公司投资和总体经济的增长，国家应进一步深化金融和市场化改革，加快金融发展和市场化进程的步伐。

英文摘要：

This paper empirically examines the impacts of financial development and marketization process on firm＇s external financial constraints by investigating whether financial development and marketization process reduce the investment-cash flow sensitivity. Empirical results indicate that financial development and markctization process significantly reduce the investment-cash flow sensitivity of financially constrained companies. Thus, this paper provides evidence that financial development and marketization process help financially constrained companies alleviate the degree of external financing constraints and fatherly accelerate the corporate capital expenditure and economic growth as a whole. So, China should fatherly accelerate the financial and marketizational reform.