Abstract: by manually collecting the local economic growth target data of China from 2007 to 2019, this paper constructs the local government economic growth pressure index, and discusses the impact and mechanism of this index on the investment efficiency of local micro enterprises. The research shows that the pressure of local economic growth can significantly inhibit the inefficient investment of enterprises in the jurisdiction, which is realized by improving the level of corporate governance. Due to the differences of property rights, regional and industrial heterogeneity, the effects of economic growth pressure on enterprise investment efficiency are different. From the perspective of property rights, the impact of local economic growth pressure on enterprise investment efficiency is more significant for private enterprises; Based on the perspective of the control level of state-owned enterprises, the impact on local state-owned enterprises is more significant; Based on the perspective of regional marketization process, the impact on enterprises in the central and western regions is more obvious. Further research found that the improvement of corporate governance under the pressure of local economic growth is an important reason to improve the investment efficiency of enterprises.

Key words: economic growth pressure, Investment efficiency, corporate governance