Based on the data of the 319 listed companies in the Shanghai and Shenzhen stock exchange over the 1998-2003 period,the paper examines the relation among managerial ownership,investment and corporate value,focusing on the endogeneity of managerial ownership.OLS regression results show that the endogeneity of managerial ownershi Pmay affect the results.With the measurement of ROA corporate value,corporate value affects managerial ownership,but not vice versa.But with the measurement of Tobin's Q corporate value,investment affects corporate value,which in turn,affects managerial ownership.