委托代理问题往往容易使上市公司存在过度投资,而企业受到的外部融资约束在一定程度上又容易使企业存在投资不足,这两者均会导致上市公司的非效率投资。本文以我国创业板上市公司作为研究对象,根据企业的销售增长率等确立最优投资水平,、研究我国创业板上市公司的非效率投资问题。 The problem of principal-agent is often over-investment in listed companies, and the external financing constraints of the enterprises are liable to under-invest the enterprises to some extent, both of which will lead to the inefficient investment of listed companies. In this paper, China’s GEM listed companies as the research object, according to the company’s sales growth rate to establish the optimal investment level, the study of China’s GEM listed companies inefficient investment.