中文摘要：

基于不同货币政策环境下，利用中国沪深A股上市公司2007～2014年的有关财务数据，对公司储备的财务柔性与其投资之间的关系进行了实证分析。研究发现：第一，在货币政策紧缩时期，由于融资约束程度增大，企业投资一现金流敏感度更高，且投资水平下降。第二，在货币政策紧缩时期，事先储备了较强财务柔性的企业，不受外部融资约束影响，其投资水平更高。第三，在货币政策宽松时期，无论是现金柔性或负债柔性企业，还是双重柔性企业，均存在过度投资现象。这些研究结果表明，企业应根据不同的货币政策环境相机调整其财务柔性水平，从而避免企业一方面由于财务柔性不足导致在货币紧缩时期企业投资不足，另一方面由于财务柔性过度导致货币宽松时期投资过度。

英文摘要：

Based on different monetary policy environment, and by using relative financial da- ta of China＇ s A - share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2014, the paper makes an empirical analysis on the relationship between the financial flexibility and enterprise investment. The findings are as follows ： First, during the period of monetary tighte- ning, due to the increasing financing constraints, enterprise investment and cash flow are highly sensitive, and the investment tends to decrease. Second, during the period of tight monetary poli- cy, enterprises with strong financial flexibility are not influenced by external financing constraints, and the investment level is high. Third, during the period of monetary easing, overinvestment can be found in enterprises with cash flexibility, indebted flexibility or double flexibility. The findings show that enterprises should change cies to avoid problems in investment their financial flexibility according to different monetary poli- brought by financial flexibility.