中文摘要：

法治环境与企业投资效率的关系是“法与金融”研究的新问题。本文基于中国A股上市公司样本，实证研究了法治环境与企业投资效率的关系，发现在法治水平越高的地区，上市公司投资不足的程度更低，并且更少地进行过度投资，表明加强法治有助于提高上市公司投资效率。补充检验发现，加强法治能显著提高投资的边际价值。本文还进一步研究了市场化进程对法治作用的影响，发现在市场化程度较低的早期，法治的正面作用有所削弱。

英文摘要：

The relationship between legal environment and investment efficiency is a new issue of ＂Law and Fi- nance＂. This paper empirically investigates the relationship between law and investment. The result shows that firms suffer less underinvestment and less overinvestment, when the regions where they locate have better legal environment. It indicates that strengthening the rule of law can enhance the investment efficiency. Additionally, this paper shows that strengthening the rule of law has positive effect on margin value of investment. The result further shows that the positive effect of law is weakened in the early phase when the level of marketization is loW.