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1、重庆大学硕士学位论文英文摘要ABSTRACTInvestmentisthemostimportantfactorstoaffecteconomicdevelopmentofChina,butnon-efficiencyinvestmenthasbecomeacommonphenomenonintheChineseenterprises,whichthereforehasanegativeimpactonthehealthydevelopmentoftheeconomy.Extantstudiesshowthatfirms’investme
2、ntfailureisduetoasymmetricinformationandagencyproblems,whichcanbeeffectivelyimprovedbyhighqualityofcorporategovernance.AsChineseenterpriseswhicharegoingthroughthetransitioneconomies,inadditiontointernalcorporategovernancefactors,institutionalenvironmenthasalsoaneffectonthe
3、corporateinvestmentbehavior.Therefore,inthispaper,westudytheinfluencecorporategovernancehasonfirminvestmentefficiency,basedonwhich,addinginstitutionalenvironmentelementstofurtherstudytheinfluenceinstitutionalenvironmenthasonfirminvestmentefficiencyandanalyzetheinteractionr
4、elationshipbetweencorporategovernanceandinstitutionalenvironmentoncorporateinvestmentefficiency,isausefulexplorationtobreakthoughtheproblemofinefficientinvestmentofChineseenterprises,andalsoprovidestheoreticalbasisandempiricalevidenceforregulatinggovernmentbehavior,andimpr
5、ovingtheinvestmentenvironmentSelectingtheListedcompaniesinChinaastheresearchobject,adoptingamethodofcombiningthetheoreticalandempiricalthesis,thispapermainlydevelopedresearchinthefollowingaspects:First,corporateinvestmentbehaviorarecarriedoutunderspecificinstitutionalenvir
6、onment,whicharesubjecttolocalinstitutionalenvironmentinevitably.Firmshavedifferentexternaltransactioncostsunderdifferentinstitutionalenvironmentandthushaveeffectoncorporateinvestmentbehavior.Thispaperstudiesthecorrelationbetweeninstitutionalenvironmentandinvestmentefficien
7、cy.Theresultsshowthatinstitutionalenvironmentispositivelyrelatedwitheffectivelyrelatedwithinvestmentefficiency.Theimprovementintheexternalinstitutionalenvironmentcanimproveinvestmentefficiency.Second,owingtofinancingconstraintscausedbyinformationasymmetryaswellastheagencyp
8、roblemsbetweeninvestorsandmanagers,firmsmakeinefficientinvestment,whilethehighqualityofco
