Abstract：Whether and how the macro-level tax policy affects the micro-level enterprise investment efficiency has always been the focus of professional field, academic world and policy sector. This paper divides tax into two sublevels: tax policy and tax activities, and systematically reviews the effects of the tax on corporate investment efficiency from the aspects of influence existence, influence mechanism and their consequences. The results and conclusion will provide reference to the research in the field.

Keyword：tax policy;tax activities;investment efficiency;