中文摘要：

本文以2008年全球金融危机为外部冲击事件,探讨不同现金柔性储备水平企业在金融危机时的投资行为差异。研究结果表明：现金柔性储备越好的企业,其在金融危机时期的融资约束程度更轻、投资支出规模更大;进一步从投资资金来源角度研究发现,现金柔性储备越好的企业,其在金融危机时期的投资支出规模更大程度上受到外部积极举债的影响,而不是现金储备水平的影响。

英文摘要：

In this paper, We discussed the investment behaviors of different cash flexibility reservation firms in the 2008 Financial Crisis. The results showed that, these firms had better cash flexibility faced lower financing constraints and more investment in the period of Financial Crisis ; Further studies found that, the External debts had a more positive contribution to firms＇ investment in the higher cash flexibility firms, However, cash reservation had no effect on firms＇ investment.