摘要

The way how financial constraint affects investment activity has long been a hot issue of the academic world. The present thesis starts from the analysis of influencing factors of financial constraint. It constructs a financial-constraint-measuring system by adopting factor analysis, which has avoided the deviation resulted from the traditional single-index measuring. What's more, it introduces financial constraint into the multiple regression model of investment and analyses the influences financial constraint exerts on investment. Results of the study indicate that investment is restricted by financial constraint.