本文对制造业上市公司在不同规模下投资与现金流关系进行了理论分析;其次以我国沪深两市制造业上市公司2004～2007年的财务数据为样本,以企业规模为分组标准,利用实证检验投资与现金流之间的关系.通过理论分析和实证研究,得知与大规模企业相比,小规模企业投资对现金流依赖性更强.%this paper conducted the theoretical analysis on investment and cash flow for listed manufacturing companies in different scale, and then examined the relationship between investment and cash flow with the enterprise scale as grouping criteria, taking financial data of China's Shanghai and Shenzhen listed manufacturing companies during 2004 to 2007 as sample. Through theoretical analysis and empirical research, it obtains small-scale enterprises have stronger dependence on cash flow compared with large-scale enterprises.
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