Based on the principal agent theory, we discuss the relationship among tax collection, corporate tax and corporate investment efficiency. We select the data from the A share listed companies from 2008 to 2012 as samples, and our empirical research finds that: (1) Tax collection will reduce corporate tax avoidance degree; (2) corporate tax avoidance will reduce the efficiency of corporate investment; (3) tax collection will improve the efficiency of corporate investment; (4) tax collection will suppress the negative correlation between corporate tax avoidance and corporate investment efficiency. This study has important theoretical and practical significance to improve the investment efficiency and expand specific path of tax collection company governance role.