Abstract: Abstract： This paper uses the data of Chinese listed manufacturing companies between 2003 and 2011,testing the effect of trade credit on investment-cash flow sensitivity to investigate the effect of trade credit on investment, and shows that: The investment of Chinese listed companies is highly sensitive to cash flow，so there is obvious financing constrains phenomenon;trade credit has eased the enterprises’financing constraints; non-state owned enterprises faced bigger financial constraints than state owned enterprises, and trade credit significantly eased the financing constraints for non-state owned enterprises, but for state owned enterprises，the easement is not obvious.

摘要： 摘 要：本文采用2003-2011年中国制造业上市公司数据，研究商业信用对投资-现金流敏感性的影响，考察商业信用对企业投资行为的影响。结果发现：我国上市公司的投资对现金流高度敏感，存在明显的融资约束现象；商业信用显著缓解了企业的融资约束；国有上市公司受到的融资约束比民营上市公司小，但是随着商业信用水平的提高，民营上市公司的融资约束有明显的缓解。