manager's opportunism led to the occurrence of acts of over-investment, inefficient over-investment issues related to corporate interests, especially the interests of shareholders, this article from the investment cash flow as the inspection object, Anhui, listed in 2006 - 2009the relevant data Empirical Analysis of the over-investment is to generate investment cash flow correlation of the main reasons, the results show that the listed companies in our province there is a certain degree of over-investment behavior, the findings indicate the problem can invest in listed companies to increase efficiency and improve business performance.