The sensitivity of investment-cash flow in Chinese A-share listed firms and its influencing factors were researched empirically by linear regression and factors reduce method.  The results show that: (1) the degree of the financing constraints can not be mirrored by the investment-cash flow sensitivity in the listed firms, which disagrees with the opinions from some Chinese researchers in this field; (2) the sensitivity is positively correlated with the profit earning power but negatively with the repaying debt power; (3) the sensitivity in the listed firms controlled by private individuals is lower than that of listed firms controlled by the state. But it does not imply that the financing constraints degree of listed firms controlled by private individuals is also lower because their profit earning power is significantly lower than that of listed firms controlled by the state, which indicate that they face more the financing constraints and have underinvestment problems.