Resource allocation efficiency is the focus of China’s economic reform. Drawing on the experience of resource allocation efficiency model of Wurgler, using the summary data of China’s A-share listed companies from 2004 to 2013, this paper makes an explanation of resource allocation efficiency in the two aspects of investment efficiency and financing efficiency, and examines the change of the resource allocation efficiency before and after the reform of Accounting Standards from the perspective of accounting sensitivity and economic sensitivity. The results show that：After the reform of Accounting Standards, the resource allocation efficiency has improved as a whole and investment efficiency has outperform financing efficiency; the accounting sensitivity has a positive role in the influence of the reform of Accounting Standards on the resource allocation efficiency and the investment efficiency has a better improvement; the reform of Accounting Standards and economic sensitivity has jointly promoted investment efficiency, but has no significant effect on financing efficiency.