Based on the data disclosed by the Chinese listed corporations from 2004 to 2012，this paper explores an empirical research on the relationship among the accounting information quality, audit supervision and corporate investment efficiency, also discusses whether there are differences in relieving degree of inefficient investment by the accounting information quality and audit supervision of listed corporations in different financial conditions(including growth and cash flow). The results show that it is really helpful to relieve the poor capital allocation efficiency of our listed corporations with high quality of the accounting information. Also, the improvement of audit supervision quality helps to enlarge and strengthen the utility of the accounting information quality. Further analysis shows that the effect of audit supervision on the capital investment does exist significant difference in the aspects of growth and cash flow in different corporations.