從2008年至今十餘年，各國央行的利率持續處於極低、甚至是負利率的水準，同樣地台灣也不例外。低廉的資金成本將更進一步影響到企業的資金運用，也是企業在決定資金來源及籌資方案的一項重要依據。本研究之主要目的在於探討低利率所導致低廉的資金成本對於台灣上市櫃企業的投資對現金流量敏感度的影響。
另外，集團企業對於整體社會與經濟而言相當重要，在國外持續有學者在探討此議題，然而在過去國內研究少有討論融資限制與集團特性將如何影響公司的融資與投資決策，透過本研究可對此議題有更進一步的了解。
本研究取樣2004至2007年及2011至2018年，共12年之台灣上市櫃公司資料，排除2008年至2010年金融海嘯期間，並將樣本分為集團及非集團企業、大公司及小公司。本研究的實證結果發現：集團企業能夠透過創造「內部資本市場」來減少集團成員在研發費用及實體投資上的支出，並進一步降低集團成員的融資限制。然而公司規模大小所呈現的結果卻與集團企業有明顯的差異，顯示了公司規模越大卻反而不具備降低企業投資對現金流敏感度的效果；另外，當企業面臨融資限制時，因為外部資金的取得不易，會選擇將內部資金全部投入於投資支出上，因此將提升企業的投資對現金流量敏感度。最後，在低利率期間，隨著資金成本的降低能夠有效地降低企業的投資對現金流敏感度。

In the past, few domestic scholars have discussed how financing restrictions and group characteristics will affect the company's financing and investment decisions. Neither one of these issues has been extensively studied in the literature. Through this thesis, we can have a further understanding of those topic and find out how the low cost of capital affect firm’s investment-cash flow sensitivity.
The empirical results of this thesis found that: Group companies can reduce the research and development expenses and physical investment expenditures by creating "internal capital markets", and further reduce the financing restrictions of group members. However, the results presented by the size of the company are significantly different, which shows that the larger the company is, it can’t effectively reduce the firm’s investment-cash flow sensitivity. In addition, when the firm is faced with financing constraints, because it is not easy to obtain external funds, it will choose to invest all the internal funds in the investment expenditure, and further improve the firm’s investment-cash flow sensitivity. Finally, during the period of low interest rate, with the decrease of capital cost, the sensitivity of investment-cash flow can be effectively reduced.

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