近年来，随着我国上市公司数量的不断增大，上市公司募集资金的使用效率问题也一直受到各界的关注。在上市公司的经营管理中，投资效率是其着重关注的问题。投资效率直接影响着公司的成长及未来的现金流量，进而影响着企业的经营风险、盈利水平和发展前景。企业融资效率低下是世界各国企业所面临的问题，我国上市公司融资效率低下的现象则更为突出。根据现代财务理论，企业的融资方式首选内源融资，其次是债务融资，最后才是股权融资。这一优序融资理论在西方发达国家和一些发展中国家已经得到了证实。但是我国上市公司的实际情况却与西方发达国家有较大的差别。 本文以我国西部上市企业的相关数据为研究样本，结合我国特有的市场环境与经济制度，对融资方式与企业投资效率之间的关系进行了详细的研究。主要做了三部分的工作：首先，基于基础的理论和思想，以统计学方法为分析工具，结合具体研究对象的情况展开分析。其次，借鉴相关理论模型，结合自己的观点提出了要用的回归模型，并进行了变量设计。第三，对上述分析模型进行了实证分析，系统分析股权融资和负债融资对企业投资效率的影响，根据回归结果详细分析两种融资方式中不同的因素对于企业投资效率的影响以及验证前文中提出的理论假设。 通过以上研究，本文发现股权融资中第一大股东持股比例与投资效率呈倒“U”型的关系，国有持股比例与投资效率呈正相关关系，管理层持股比例与投资效率不存在明显的相关关系；负债融资中负债率与投资效率呈倒“U”型的关系，短期负债率与投资效率不存在明显的相关关系。从而，为今后我国西部上市公司融资方式的选择提供了重要的依据。

In recent years, with the increasing number of listed companies in the west of China, the efficient use of funds that are raised by the listed companies causes more and more attention of all sectors. Investing efficiently is the most important problem for managing listed companies. Investing efficiently directly influences the growth and cash flow of listed companies, and thus the operating risk, profit level and prospect for companies. A low enterprise financing efficiency is a problem that companies from all over the world are facing; in China, it is more prominent. According to modern financial theory, internal financing is the first financing option, then debt financing, and equity financing is the last option. This was confirmed in developed countries and some developing countries. But the situation for listed companies in China is actually very different. Using Western listed companies’ data as the study sample, and combining the unique market environment and economic system of our country, the relationship of equity finance and investment efficiency is closely examined in this paper. The whole research consists of three parts: First, based on basic theory and ideology, the statistical method is applied to precede its analysis on the specific object of study. Second, a regression model is built and variables are set in accordance with relevant theoretic models and the author's own viewpoint. Finally, an empirical analysis is done for the above models and the influence of equity finance and debt financing on investment efficiency is systematically analyzed. This paper analyzes the influence of the different factors in equity financing and debt financing on corporate investment efficiency according to regression results, and verifies the hypothesis which is proposed in the preceding paragraphs. Through the above research, the author found that there is an inverted U-shaped relation between the first shareholder’s shareholding proportion and the efficiency of investment. There is a positive relation between the state-owned shareholding proportion and the efficiency of investment. There is no significant relationship between the senior administrators’ shareholding proportion and the efficiency of investment. There is an inverted U-shaped relationship between debt ratio and the efficiency of investment. There is no significant relationship between the short-term debt ratio and the efficiency of investment. All the information above provides an important basis for listing the financing of listed companies in the west of China in the future.