Abstract: Taken A-share listed companies in the Shenzhen Stock Exchange as sample, the effect of accounting information transparency on corporate investment efficiency was studied on the basis of multiple regression method. Then, based on the perspective of resources allocation efficiency, the economic consequences of accounting information transparency were revealed. The empirical results indicated that accounting information transparency is negatively correlated with overinvestment and underinvestment. That is, higher accounting information transparency can cut down Chinese listed companies' behaviors of overinvestment and underinvestment, and then the investment efficiency is improved. With the existence of financing constraints, the negative correlation between accounting information transparency and underinvestment is more notable. With more free cash flow, the negative correlation between accounting information transparency and overinvestment is more notable. Consequently, the increase of accounting information transparency has a positive effect on optimal capital allocation.