中文摘要：

已有文献已对影子银行做了大量的宏观视角研究，微观视角的研究相对较少，尚未有影子银行影响微观效率的研究。为此，分析企业参与影子银行活动对其投资效率的影响以及制度环境的调节作用。研究发现，制度环境水平与企业投资效率存在着显著的正相关关系，企业所处地区的制度环境越好，企业投资回报率越高；从投融资视角研究发现，上市公司参与影子银行融资和影子银行投资程度均与投资效率显著正相关。制度环境越好，影子银行参与对提升投资效率的作用越突出。

英文摘要：

The existing literature has done a lot of macro perspective on shadow banking, and the micro perspective is relatively small. To this end, the paper analyzes the influence of the shadow banking activities on the investment efficiency and the moderating effect of the institutional environment. The study found that the efficiency of investment environment and enterprise level has a significant positive correlation, the better system environment area, enterprise investment return rate is high~ found from the investment perspective of financing, listed companies involved in the shadow banking and shadow banking financing investment and investment efficiency degree were significantly positively correlated. The better the system environment, the shadow banks to participate in the promotion of investment efficiency is more prominent.