In recent years, enterprise investment efficiency has become a hot issue in academic circles, enterprises and regulators. Based on the sample of Shanghai and Shenzhen A stock manufacturing listed companies from 2014 to 2018, this study empirically analyzes whether the quality of accounting information significantly affects the investment efficiency of enterprises, and further tests whether internal control can regulate the relationship between the two. The results show that there is a significant positive correlation between accounting information quality and enterprise investment efficiency and positive correlation between internal control and positive regulation. Finally, based on the above conclusions, this study puts forward relevant suggestions from three levels: government, enterprise and investor, in order to enrich and develop relevant theories, promote the promotion of investment efficiency of Chinese enterprises and the sustainable and stable development of capital market economy.