Taking the A-share listed companies in Shanghai and Shenzhen from 2009 to 2017 as the research object， this paper uses the theory of real options to investigate the impact of audit opinions on the value of real options on the basis of audit opinions and enterprise investment activities， and further discusses the impact of the supervision and signal transmission function of audit opinions on the future value of enterprises. It is found that when the audit opinions send negative signals， the financing constraints are strengthened， the scale of investment expenditure is reduced， and the investment efficiency is improved by restraining excessive investment. Further research shows that when the value of enterprise growth options is measured and the enterprise has a high profitability， the positive signal delivered by the audit opinion can significantly increase the enterprise growth options. At the same time， when measuring the value of enterprise liquidation options， the positive signal conveyed by the audit opinion can significantly increase the liquidation options of enterprises with a poor profitability. This provides empirical evidence for the role of audit opinions in enhancing the future value of enterprises， and thus promoting the efficiency of allocation of social and economic resources.