企业的投资行为是否有效率直接影响到企业的价值是否最大化。企业的非效率投资表现为投资不足和过度投资。引起非效率投资的原因有很多,本文主要从委托代理、信息不对称和融资约束3个角度来系统分析市场不完全性对企业投资决策的影响。 Whether the efficiency of investment in a company directly affects whether the value of the enterprise is maximized. The inefficient investment performance of enterprises is underinvestment and overinvestment. There are many reasons that lead to inefficient investment. This paper systematically analyzes the impact of market imperfection on the investment decision-making of enterprises from the perspectives of principal-agent, information asymmetry and financing constraints.