This paper analyzes the effect of both controlling shareholder＇ risking-shifting and under-investment incentive on the relationship between financial structure and corporate investment behavior using a theory model, and gives an empirical analysis using the data of listed corporation. The results are shown as follows： Under positive marginal volatility of investment profit, the reverse action of the two incentives will mitigate the negative relationship between financial structure and corporate investment size; and under negative marginal vol...
