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中文摘要：
债务期限结构与投资效率之间不是简单的线性关系，它们的关系在很大程度上依赖于项目风险水平。投资非效率“程度”与短期债务比例呈类U形关系，即债务期限结构较为均衡时，投资非效率程度较低。我国上市公司短期债务主导型债务期限结构使得公司在面对较高和中等风险项目时，表现出过度投资倾向；而面对低风险项目，则表现出投资不足倾向。并且，短期债务比例与投资非效率程度正相关，较高的短期债务比例会引起较大的投资扭曲。
英文摘要：
The relationship between debt maturity structure and investment efficiency is not simple linear and depends on the risk level of companies＇ assets at a great extent. And the relationship between the degree of non-efficiency of investment and the ratio of short-term debt of a company is like U shape. For the listed company in China with a high risk level of assets, the high ratio of short-term debt would lead the company to over-invest, while for the company with a low risk level of assets, the high ratio of short-term debt would lead it to under-invest. And the ratio of the short-term debt of the companies and the degree of non-efficiency of investment is positively related, which means that high ratio of short-term debt will lead to great non-efficiency of investment.
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