Based on the data of Chinese listed manufacturing companies from 1998 to 2002, with help of 2SLS and Threshold Estimate Method, and with the dividend payout ratio, the Logistic regression value and company scale to measure company's financing constraints degree, fluctuation of daily yield ratio of stocks to measure its uncertainty, this paper conducts a thorough empirical study on the relationship among the financing constraints, uncertainty and corporate investment. The results are as follow:1. With dividend payout ratio to measure company's financing constraints degree, when we compare dividend payout ratio low group and dividend payout ratio high groups, their coefficient is much larger. But as for the Logistic regression value group and company scale group, the lower the Logistic regression value or the smaller company's scale, the smaller their coefficient.2.With the help of Threshold Estimate Method, the listed company of our country does not have critical effects. The results of the research provided the empirical evidences for supervision departments making investment policies for listed companies.