Based on the theory of financial constraint，we explore the effects of agency problem and financial distress on investment cash flow sensitivity.Using a sample of 20102014 companies listed on Shanghai and Shenzhen Stock Exchanges，we investigate the relationship among financial constraint，internal cash flow and investment spending.The empirical results show that the relation between financial constraint and investment cash flow sensitivity in Chinas listed companies is in a nonlinear relationship；i.e.，the relation between investment spending and internal cash flow is U shape nonlinear relationship.Further study shows that under the condition of the low degree of financial constraint，the controlling shareholder agency problem and the manager agency problem are the main reason for non monotone variation between financing constraints and investment cash flow sensitivity.In the case of a high degree of financial constraint，financial distress is the main reason for non monotone variation between financing constraint and investment cash flow sensitivity.From the angle of agency problems and financial distress，this study not only enriches the theory of financial constraint on analysis method of corporate investment behavior，but also provides certain theoretical support on optimizing the enterprise investment behavior.