中文摘要：

文章检验中国情境下企业董事会资本和地方政府治理水平如何影响企业投资效率？以及两者在影响企业投资效率方面的关系是什么？研究发现：董事会资本深度和广度均能对企业投资效率的改善产生积极影响；政府治理水平与企业投资效率显著正相关；相对于国有企业，上述两种影响在非国有企业中更为显著。政府治理与董事会资本在影响企业投资效率方面存在替代关系，即相对于政府治理较好的地区，董事会资本深度和广度对企业投资效率的影响在政府治理较差的地区更为显著，这种替代效应主要发生在非国有企业。进一步检验发现，企业投资效率的提高能够对企业财务风险的改善产生积极影响，这种关系同样会受到政府治理水平差异的影响。

英文摘要：

The paper examines how board capital and government governance affect corporate investment efficiency, and what is the relationship between the two in terms of the impact on the efficiency of investhave a positive impact on improving the efficiency of corporate investment. The impact is more significant in the non-state-owned enterprises and in the areas where government governance level is worse. Further examination found that corporate investment efficiency can have a positive impact on improving corporate financial risks. The impact is different under different government governance conditions.