中文摘要：

章晓霞和吴冲锋（管理评论,2006年第10期）以及李金等（管理评论,2007年第3期）从现金-现金流敏感性角度检验了融资约束假说,并未得出一致结论。本文从模型设定、衡量偏误、内生性偏误等角度重新审视了这个问题。研究结果表明：现金流和Tobin’s Q的内生性问题导致上述两篇文章的估计结果有偏。在采用广义矩估计方法（GMM）合理控制模型的内生性偏误后,融资约束公司表现出强烈的现金-现金流敏感性,而非融资约束公司则没有表现出这种特征。因此,本文结果支持融资约束假说,现金-现金流敏感性可以作为检验融资约束假说的依据。

英文摘要：

Financial constraints hypothesis based on the cash flow sensitivity of cash Both is tested by some researchers, but their opinions are different each other. This paper reviews this question from the viewpoints of modeling specification error, measurement error and endogeneity error. The results show that, the endogeneity of cash flow and Tobin＇ s Q induce the result biases of two papers. Controlling the endogeneity of two variables by using the GMM, we find that financial constrained firms significantly exhibit cash flow sensitivity of cash, while the non-financial constrained firms do not. We conclude that the results support the financial constraints hypothesis, and the cash＇flow sensitivity of cash can be used to test the financial constraints hypothesis.