中文摘要：

从会计弹性下的投资效率为视角，利用我国上市公司为样本对二者进行了实证检验。结果发现：投资不足（过度）时，会计弹性与投资效率负相关，并可一定程度的改善上述非效率投资；会计弹性对非投资效率的影响与市场反应正相关。该结论丰富了会计弹性视角下投资效率的相关文献，为合理投资决策与优化资源配置提供了理论依据。

英文摘要：

This paper focuses on the investment efficiency criterion of elasticity, using China＇s listed corporation as a sample of the empirical test. The results show that ： when the investment is insufficient （ or over）, the accounting elasticity is negatively correlated with the investment efficiency, and can improve the non efficiency investment in a certain extent. This conclusion enriches the relevant literature on the investment efficiency of the accounting flexibility, and provides a theoretical basis for the rational investment decision and the optimization of resource allocation.