Fazzari , Hubbard , and Peterson（1988）（以下簡稱FHP）中指出，在資本市場不完全時，公司的投資決策將受到資金來源的不同而有所影響。因為資訊不對稱，導致公司外部資金的成本會大於內部資金的成本。因此一家財務受限制的公司，在投資決策上會更倚重內部資金。實證上，FHP利用公司現金股利比率來衡量財務限制為標準，將公司分成三類，並得出這三類公司投資與現金流量的關係，發現財務限制程度愈大的公司，其投資對現金流量的敏感度愈強烈。

但Kaplan and Zingales（1997）（以下簡稱KZ）卻有與FHP完全相反的實證發現，KZ發現，財務愈受限制的公司，投資與現金流量間的關係愈弱，與FHP結果相反，所以KZ質疑FHP中，所謂投資對現金流量敏感度與公司財務受限程度的單調線性關係（即財務限制程度愈大的公司，其投資與現金流量間的關係愈強烈）。

本文利用狀態轉換迴歸模型（regime switching regression model）及台灣經濟新報所提到的台灣企業信用風險指標，來對台灣上市櫃公司進行財務限制分類，並分析這兩種模型在不同財務限制分類下的投資對現金流量的敏感度。再將這兩種研究方式所得到的結果和FHP與KZ的結果進行比較。本文的實證結果發現，如果分類方式真的反映財務限制狀態，在財務較不受限制和財務可能受限的分類範圍中，隨著財務限制愈嚴峻，投資對現金流量的敏感度愈強，呈現單調遞增的現象與FHP的發現相符，而在財務可能受限和財務最受限制的分類範圍中，隨著財務限制愈嚴峻，投資對現金流量的敏感度愈弱，呈現單調遞減的現象與KZ的發現相符。

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