The fulfillment of social responsibility by enterprises is an important trend of social progress, and the disclosure of social responsibility information has an important influence on the economic activities of enterprises, especially on their investment and financing activities. Therefore, based on the analysis of stakeholder theory, information asymmetry theory and principal-agent theory, starting from the "communication effects" and "masking effect" of social responsibility information disclosure, by using the data of China's A-share non-financial listed companies from 2010-2018, this paper measures the efficiency of investment by inefficient investment, and classifies inefficient investment into overinvestment and underinvestment, and the effect of corporate social responsibility information disclosure on the efficiency of investment is studied. It is found that corporate social responsibility significantly improves the efficiency of investment, i.e., the disclosure of corporate social responsibility information can alleviate inefficient investment to a certain extent. Further study shows that disclosure of social responsibility information has a significant negative effect on both underinvestment and overinvestment. This study reveals the inhibitory effect of corporate social responsibility on inefficient investment, and on this basis, puts forward relevant suggestions for preventing corporate overinvestment or alleviating corporate underinvestment, which further complements the research on the fulfillment of corporate social responsibility and its economic consequences, and enriches the discussion on the efficiency of investment influencing factors. It is significant to call on enterprises to actively fulfill their social responsibility, harmonize the interests of stakeholders and thus reduce inefficient investment.