Abstract:Exploring the impact and mechanism of regional financial development level on corporate investment efficiency based on the Chinese context is of great significance. Based on annual data of A-share listed companies in China from 2005 to 2021 and regional financial development level data, the impact of regional financial development level on corporate investment efficiency was analyzed. The conclusions are as follows. Regional financial development level can significantly promote corporate investment efficiency by alleviating financing constraints, and this conclusion is robust. The level of regional financial development has a significant promoting effect on the investment efficiency of both "underinvested" and "overinvested" enterprises, but this promoting effect has obvious heterogeneity, with a greater promoting effect on enterprises with stronger industry competitiveness and more concentrated equity in the eastern and central regions. Economic policy uncertainty plays a negative regulatory role in promoting corporate investment efficiency in regional financial development.