Abstract：Based on the data of Chinese listed A-share companies during the period of 2008 to 2016,this paper explores the influence of corporate cash dividends on investment-cash flow sensitivities from the dual perspectives of different stages of the corporate life cycle and different natures of ownership. The research results indicate that: for state-owned listed companies in growth period,cash dividend policies can alleviate,by constraining overinvestment,their distorted investment-cash flow sensitivity resulted from the existence of soft budget constraints; for private-owned listed companies in growth period,cash dividends will further increase its investment-cash flow sensitivity which is constrained by the the real level of financing constraints; for state-owned listed companies and private-owned listed companies in mature period,cash dividends policies can weaken their investmentcash flow sensitivity originated in agency conflicts; for state-owned listed companies and private-owned listed companies in decline period,cash dividend policies will further distort its investment-cash flow sensitivity is first distorted by the existence of soft budget constraints.

Keyword：cash dividend;investment-cash flow sensitivity;corporate life cycle；nature of ownership;