中文摘要：

文章以2006-2014年林业类上市公司数据为样本，分析了融资方式与投资效率之间的关系。结果表明，股权再融资和信贷融资能够缓解国有林业企业的投资不足，但股权再融资对非国有林业企业的投资不足没有显著影响，信贷融资会导致非国有林业企业的投资不足。从整体上来讲，股权再融资对过度投资没有影响，长期信贷融资会导致林业企业的过度投资。

英文摘要：

Based on the forestry listed companies from 2006 to 2014 as samples, this paper studied the influence of the Seasoned Equity Offerings（SEO） and credit financing on enterprises investment efficiency, the result shows that the SEO and credit financing can alleviate the under-investment of state-owned enterprises, but SEO has no signif- icant impact on non-state enterprises of under-investment, credit financing can lead to under-investment of non- state enterprises; as a whole, the SEO has no effect on over-investment, long-term credit financing leads to over- investment of the enterprise.