Abstract: The construction of information sharing mechanism is an important supporting point for the development of the national economy.Taking the listed companies of the National Top 500 Companies as the investigation objects,this paper constructs a difference-in-differences model to study the impacts of information sharing on the investment efficiency of enterprises from the perspective of financing methods according to The Work Specifications for Business Accounting Informationization.It also studies the acting path of the impact.The research results show that information sharing can effectively inhibit the inefficient investment of enterprises.At the same time,it is found that information sharing can significantly inhibit the inefficient investment of enterprises through debt financing,but no significant impact on equity financing,indicating that the main path of the inhibiting effect of information sharing on corporate inefficient investment is debt financing.The results of further study show that in the environment of low level of internal control and poor information transparency,the possibility of information sharing inhibiting corporate inefficient investment through debt financing is more significant.This study fully confirms the active governance effect of information sharing on the inhibiting of inefficient investments,and incorporates information sharing-an important external governance mechanism-into the research framework of corporate investment efficiency,which has certain reference value for corporate governance and national information sharing reform.

Key words: information sharing, financing mode, investment efficiency