Taking the listed companies with performance recession in China from 2007 to 2017 as samples，this paper makes an exploratory study on whether the decline in performance affects business investment choices and whether the external development cycle will affect the decision-making of enterprises. Research shows that performance recession can stimulate enterprises to increase investment to improve performance. Enterprises with less performance recession tend to increase fixed assets investment and R&D investment， while those with more performance recession tend to increase equity investment and R&D investment. The macro-economic cycle and industry development prospects will have obvious regulatory effects on the relationship between corporate decline and corporate investment. As a result， performance decline，the macro-economic cycle and the development situation of the industry in which the enterprise is located will affect the investment choice of the enterprises in the context of performance decline.