投资是经济得以增长的力量之源，占据企业财务管理决策的核心地位，其效率的高低重关企业的成败，高效率的投资会巩固企业在市场竞争中的优势地位。然而在现实社会中低效率投资行为频频发生，过度投资、投资不足等问题广泛存在，影响企业持续健康发展。家族企业作为国民经济增长的助燃剂，在推动我国工业化和城镇化进程、提高就业率、增加人均收入等方面贡献极大。近几年是家族企业快速发展的大好时机，一些家族企业家随企业规模的扩大陆续上市并进行大规模投资，但股权过分集中、一股独大等公司治理问题也随即暴露。这些问题已经严重影响企业的投资决策和投资效率，阻碍企业的发展，拉低企业的平均水平，甚至缩短企业的寿命。 本文在归纳总结了国内外已有研究的基础上，采用文献调研法、描述性统计法和实证研究的方法对公司治理与家族企业投资效率关系进行研究。首先分析了委托代理、信息不对称等相关理论以及其引发的家族企业低效率投资的现状，指出我国家族企业投资存在的问题，并基于公司治理的视角提出影响我国上市家族企业投资效率的因素，据此提出相关假设。 其次以2012-2014年299家上市家族企业为研究对象，建立合理投资模型，以证实我国上市家族企业普遍存在低效率投资现象；发生投资不足家族企业的数量多于过度投资，但是过度投资的程度较投资不足严重。基于合理投资模型结果和公司治理的影响因素（监督机制、激励机制和融资约束）建立动因模型，对样本数据进行描述性统计和回归检验，得出以下结论：公司治理中的监督机制、融资约束与过度投资均显著负相关，激励机制与过度投资正相关；公司治理中的监督机制、激励机制均与投资不足显著负相关，融资约束与投资不足正相关。最后，结合本文的规范研究及实证研究，提出完善我国上市家族企业公司治理结构的相关措施，以提高家族企业投资效率。

Investment is the source of economic growth, occupying the central position of enterprise financial management and decisions, the level of its efficiency relates to the enterprise's success, and efficient investments will consolidate the advantage status of enterprises in the market competition. However, inefficient investments behavior occur frequently in the real world, over-investment, under-investment and other investment problems exist widely, which affect the sustainable and healthy development of enterprises. Family business as economic growth accelerant contribution in promoting the industrialization and urbanization process in China, raising the employment rate, increasing per capita income and other aspects greatly. It is a good opportunity for the rapid development of family business in recent years, some family entrepreneurs are all listed with the expansion of business scale and make large-scale investment. But the excessive concentration of ownership and the dominance of corporate governance issues are immediately exposed. These problems have seriously affected the investment decisions and investment efficiency of enterprises, hinder the development of enterprises, low average level of the enterprise, and even shorten the life of the enterprise. This paper analyzes the domestic and foreign scholars' research results, and uses the literature research methods, descriptive statistics and empirical approach to corporate governance of listed family firms on the efficiency of investment research. Firstly，this paper analyzes of the agency, asymmetric information theory and the status of the family business inefficiencies caused by its investment, pointing out the problems of family business, analyzing the influencing factors of the investment problems in China, and according to this made assumptions. Secondly, with the date of 299 listed family business from 2012 to 2014 as the research object, this paper establishes reasonable investment model to verify the existence of listed family business inefficient investment behavior in China and the number of occurrence of underinvestment family business than over-investment, but the extent of over-investment the more serious underinvestment. Established motivation model based on factors legitimate investment model results and corporate governance (oversight mechanisms, incentives and financing constraints), sample data descriptive statistics and regression testing, the following conclusions: Corporate Governance oversight mechanisms, financing constraints and over-investment regression coefficient is significantly negative, incentives and overinvestment positive correlation; corporate governance oversight mechanisms, incentives and under-investment regression coefficient is significantly negative, financial constraints and lack of investment is related. Finally, binding norms and empirical research paper, put forward a sound family business governance structure of listed companies of China's measures to improve the efficiency of investment in the family business.