Using the unbalanced panel data of Chinese listed companies and finance company related transactions from 2008 to 2014, the paper makes an empirical test on the main types of related party transactions impact on investment efficiency of listed companies. The study found that all the finance companies main types of related party transactions can enhance the investment efficiency of listed companies on the whole, but there are some differences. The more total amount of related party transactions, the more the fund transactions increased the underinvestment, but inhibits the overinvestment. Related services transactions can be significantly reduced in terms of underinvestment and curb overinvestment, but related guarantee transactions is not significantly alleviatedin terms of underinvestment and overinvestment. In addition, the financing constraints which the listed companies are facing have an adjustment effect in the listed companies and finance companies related transactions impacting on investment efficiency.