Under the strategies vision of green and low-carbon, carbon neutrality management becomes an important issue related to addressing global climate change risk and sustainable development of economic and social. Taking Chinese A-share listed firms from 2019 to 2022 and Huazheng carbon neutrality ratings as the research samples, this paper explores the impact of carbon neutrality performance on firms investment efficiency. First, the empirical result shows that good carbon neutrality performance has an investment incentive effect and can effectively improve firms' investment efficiency. The influence mechanism shows that carbon neutrality performance can play a role in information promotion effect, agency problem mitigation effect and finance constraint mitigation effect, thereby positively promoting the investment efficiency. Second, the cross-sectional tests show that the positive effect of carbon neutrality on investment efficiency is more pronounced in high carbon industry scenarios, the firms with high levels of digitization and poor market supervision environment. Finally, from the externalities of carbon neutrality rating regulation, the improvement of investment efficiency empowered by carbon neutrality performance has a significant spillover effect in the same industry.