本文基于中小板和创业板全样本上市公司年报数据,研究创业投资机构声誉对中小上市公司的投资效率的影响。研究结果发现:(1)对于自由现金流为正且过度投资的上市公司,自由现金流和过度投资存在着显著正相关,而创业投资机构参与能缓解这种过度投资问题,创业投资机构声誉越高,参与的上市公司过度投资现象相对越轻;(2)对于现金短缺且投资不足的上市公司,现金短缺和投资不足存在着显著正相关,类似的,创业投资机构参与能缓解这种投资不足问题,创业投资机构声誉越高,参与的上市公司投资不足现象相对越轻,创业投资机构声誉越高越能改善中小上市公司的投资效率。 This article studies the impact of venture capital institutions’ reputation on the investment efficiency of small and medium-sized listed companies based on the annual reports of listed SMEs and GEM companies. The results show that: (1) there is a significant positive correlation between free cash flow and overinvestment in listed companies that have positive free cash flow and overinvestment, while the involvement of venture capital firms can alleviate this overinvestment, (2) There is a significant positive correlation between cash shortage and under-investment in publicly-listed companies with cash shortage and under-investment, similarly, the participation of venture capital firms can alleviate such under-investment Problem, the higher the reputation of venture capital institutions, the less underinvestment of listed companies participating in the phenomenon, the higher the reputation of venture capital institutions can improve the investment efficiency of small and medium listed companies.