The asymmetry information theory and principal agent theory are the two theoretical basises and divergence of the investment cash flow sensitivity,and generate problems of underinvestment and overinvestment of companies on the financial constraints hypothesis and free-cash-flow hypothesis． Relevant scholars have established different models to tests the cause of the investment cash flow sensitivity，and test the influence factors of the investment efficiency from the aspects of property rights and political association，financial policy,internal and external governance mechanism，and behavioral finance decision making.So,the researches on the paradigm evolution and frame construction of investment efficiency of companies would help to clarify the research frame and directions for future research about the investment efficiency.