从总体债务、债务期限(短期和长期)、债务来源(银行借款和商业信用)三个方面进行实证检验，结果表明:(1)我国民营上市公司普遍存在过度投资与投资不足现象，债务融资总体上能够抑制过度投资行为，发挥债务的相机治理作用;(2)短期债务在民营上市公司中能够抑制过度投资和投资不足行为，发挥债务治理功效，而长期债务由于在债务期限结构中所占比例非常小，所以未能对非效率投资行为产生影响(3)银行借款在民营上市公司中能够抑制过度投资行为，发挥债务的相机治理作用，并且商业信用能够抑制投资不足行为，发挥一定的债务治理功效。

This paper taking private listed company as the research object，studies the influence of debt financing on Non-efficient investment activity．The paper will carry on empirical tests from the perspectives of debt，debt maturity(short-term debt and long-term debt)and the source of debt(bank borrowing and trade credit)．The results show that(1)over-investment and ninsufficient investment are a common problem among private listed busineres;by effecting the contingent governance function，debt financing generally can inhibit overinvestment activity．(2)Short-term debt can inhibit overinvestment and insufficient investment activity;whereas long-term investment occupies a small proportion in debt structure，therefore，it shows no effect on Non-efficient investment activity．(3)By affecting the contingent governance function of debt，Over-investment activities can be inhibited by bank debt;and Non-efficient investment activities can be inhibited by commercial credit which plays the debt governance function．