基于行为公司财务研究视角，首先对我国资本市场的非有效性及其通过股权融资渠道影响企业投资行为的传导机制进行了理论阐释。在此基础上，本文对不同股权融资结果和融资规模下的公司投资行为进行了实证研究。研究结果表明：（1）我国资本市场融资条件通过股权融资渠道对公司投资行为产生了不同程度的影响。（2）对于未取得股权融资的公司，股票市价与企业投资水平不相关。（3）对于取得了股权融资的公司，股票市价与企业投资水平显著正相关。（4）股权融资的规模越小，企业投资水平对股票市价的敏感性越高。（5）股权融资的规模越大，内部人控制下的公司投资行为倾向于更大规模的扩张。  

Based on the view of behavioral corporation finance, firstly, the ineffective finance condition in Chinese stock market and its impact on the corporation investment behavior through shareholding financing channel are theoretically elucidated. Subsequently, the corporation investment behavior under the different shareholding financing result and size is empirically studied. The conclusions are:(1) the ineffective finance condition in Chinese stock market through shareholding financing channel impacts on corporation investment behavior with various degrees;(2)for the corporation unable to acquire shareholding financing, the stock price is is irrelevant to the corporation investment level;(3)for the corporation acquired shareholding financing, the stock price shows a positive correlation with the corporation investment level;(4)the size of shareholding financing is less, the investment level is more sensitive to the stock price;(5)the size of shareholding financing is larger, the investment level is more inclined to expand under the insider control.