Accounting information is a key factor of enterprise investment efficiency.How does international convergence of accounting standards affect enterprise investment efficiency，and through what paths to affect?Which are the important issues to be studied and also is an important way to make scientific evaluation on the effectiveness of the international convergence of accounting standards?This paper first discusses the relationship between accounting standards，accounting information and corporate inefficient investment，and distinguishes the underinvestment and the overinvestment，the moral risk and the adverse selection，and takes our listed companies from 2003 to 2011 as samples，then studies the effect and path that the reform of accounting standards impact on enterprise investment efficiency.We find that there are underinvestment and overinvestment in Chinas listed corporations at the same time.The reform of accounting standards could alleviate the underinvestment by decreasing adverse selection，and also restrain overinvestment by reducing the moral hazard.