Taking the data of Ashare listed corporations in Shanghai and Shenzhen stock markets from 2006 to 2012, this paper studies the impact of executive changes on investment efficiency with overinvestment and underinvestment companies as samples. The research finds that executives turnover will lead to the decline of investment efficiency. There exists a negative correlation between unroutine executive turnover and the companys investment efficiency. In the sample of overinvestment, with the extension of CEO tenure, the overinvestment phenomenon will become more serious. There is a significantly negative correlation between internal succession and the company’s investment efficiency.The integration of the chairman of the board and the general manager improves the companys investment efficiency.