Main Article Content
Investment behavior has always been the focus of enterprise research, but also the difficulty of scholars. Most of the researches on investment behavior have focused on interfering with the business performance of Chinese enterprises. However, the research on inefficient investment mostly focuses on the discussion of internal characteristics of enterprises, ignoring the impact of external environment. Therefore, this paper combines the environmental uncertainty and financing constraints of relevance theory, constructs a moderated intermediary model based on the introduction of excess cash holding theory, and based on the financial data of China's non-financial listed companies from 2008 to 2019, uses the hierarchical regression and bootstrap method to carry out the inspection, and comprehensively explores the impact mechanism of inefficient investment. The results show that: (1) environmental uncertainty has a significant positive impact on financing constraints. (2) Financing constraints have a significant positive impact on inefficient investment. (3) Financing constraints play a mediating role in environmental uncertainty and inefficient investment constraints. (4) Excess cash holdings can adjust the intermediary relationship. From the new perspective of financing constraints, this paper constructs the mechanism of environmental uncertainty and inefficient investment, expands the scope of inefficient investment mode, and has a certain reference significance to improve the investment environment and reduce inefficient investment behavior.