This paper, by using the listed company in Anhui province 2007 ~ 2009 three years of relevant financial data for sample, at home and abroad on the basis of the existing theories of the listed company, the three regression model, the empirical analysis. Through the study, the conclusion that in the bank borrowing to show the listed company financial leverage level case, in our province, the listed company financial leverage level and between investment spending is not significant negative correlation.