The Empirical Research of the Effect of Financing Constraints on Investment Efficiency

Based on the data of the Chinese Listed Companies in 2012-2016 years as the research sample, this paper carries out an empirical research on the relationship between the financing constraints and investment efficiency of Chinese listed companies from the perspective of different regions, industries and property rights. The result shows the fact that the lower the financing constraints are the higher the efficiency of investment is, and to enhance the enterprise value, the investment efficiency of non-state-owned enterprises is easily to be improved than that of the state-owned enterprises through easing financing constraints; similarly, the enterprises in the Midwest of China is more easily than eastern enterprises, the information technology service industry is more easily than other.