中文摘要：

股权结构如何影响公司投资行为一直是资本结构研究领域中颇受人们关注的一个问题。本文结合我国主要存在的国有产权和私有产权两种制度，在对股权结构与公司非效率投资之间的相关性进行理论分析的基础上，以我国上市公司2006—2008年的数据为样本，对这种关系进行了实证检验。结果发现，控股股东持股比例与非效率投资呈正相关，但在两类公司存在差异；外部大股东持股比例与非效率投资呈负相关，但在国有控股上市公司更为显著；经营者持股比例与非效率投资呈不显著负相关，但在民营上市公司相对显著；机构投资者持股比例在两类公司中均与非效率投资不存在显著相关性；终极控股股东的两权分离导致了非效率投资现象，在民营上市公司主要表现为投资不足，而国有控股上市公司主要表现为投资过度。总之，股权结构是影响投资行为以及造成不同产权性质的公司非效率投资存在差异的一个重要因素。

英文摘要：

The effect of ownership structure on corporate investment is always an issue concerned by scholars in capital structure field. Combined with two properties-state - owned and private-existing in China, using data spanning the 2006 -2008 years of Chinese listed companies, this paper empirically investigates the relationship between ownership structure and non - inefficiency investment based on relevant theoretic analysis. We find that the share - holding proportion of the controlling shareholder is positively associated with non -inefficiency investment,with the difference between in state - owned companies and private ones ; share proportion of outside large shareholders is negatively related with non - inefficiency investment, which is more significant in state - owned companies ; negative relationship between managerial share proportion and non -inefficiency investment is not significant, but stronger in private companies than in state - owned ones; share the proportion of institutional investors has no significantly effect on investment behavior, whether in state - owned companies or in private ones ; the separation of cash flow rights and control of the ultimate controlling shareholder leads to non -efficiency, which appears underinvestment in private companies and overinvestment in state-owned ones. In conclusion, ownership structure is an important factor of which has effect on investment behavior and make some differences of non - inefficiency investment appear between companies with different nature of property right.