Taking A-share local state-owned listed companies as the research object, this paper examines the implementation effect of state-owned capital management budget system from the perspective of investment efficiency, and further examines its impact on enterprise value. It is found that the implementation of state-owned capital management budget system can significantly inhibit inefficient investment behavior in local state-owned enterprises, especially the over-investment behavior, and this effect is more significant for the local state-owned enterprises in the less marketized areas. Further research shows that the implementation of state-owned capital management budget can promote the value of local state-owned enterprises by restraining inefficient investment.