Abstract: The paper takes the empirical data of listed firms in China from 2001 to 2015 as samples to analyze the impact of China′s macroeconomic environment on investment scale and investment efficiency of firms in new normal of Chinese economy. Research showed investment scale and investment efficiency of firms have significant cyclical characteristics; the expansion of monetary policy can promote the expansion of the investment scale of firms, but it is not conducive to the improvement of the investment efficiency of firms; the expansion of fiscal policy can promote the expansion of the investment scale of firms, but its impact on the investment efficiency of firms is not significant; the development of the credit market can promote the expansion of the investment scale of firms, but its impact on the investment efficiency of firms is not significant; the development of the stock market has no significant impact on the investment scale and investment efficiency of firms.

Key words: macroeconomic environment, investment scale, investment efficiency