【摘要】 针对经济高质量发展需求和创新投资效率下降的现状，以2015～2019年沪深A股上市公司为样本，分析了管理层能力、银行债务对创新投资效率的影响。结果表明：管理层能力提高能够制约企业非效率创新投资，然而银行债务对企业非效率创新投资的治理作用未能有效发挥，但总体上表现为对非效率创新投资的抑制作用。进一步研究发现，管理层能力提高能够增强银行债务对企业非效率创新投资的治理功能。以管理层能力为切入点，厘清银行债务与创新投资效率的关系，丰富了银行债务和投资效率的相关研究。更多还原

【Abstract】 Because of the contradiction between high-quality economic development and the decline of innovation investment efficiency, this paper mainly focuses on the relationship between bank debt, management capability and innovation investment efficiency and takes A share in our country listed companies from 2015 to 2019 as samples. The results show that: management ability can restrict the inefficient investment of enterprises. However, the governance effect of bank debt on inefficient innovation investment is not effective, but on the whole, it shows the inhibition effect on inefficient innovation investment. Further research shows that the improvement of management ability can enhance the governance function of bank debt on inefficient innovation investment. This paper not only can make the relation between bank debt and innovation investment efficiency more clear, but also can enrich the research in respect of bank debt and investment efficiency.更多还原