The　increasingly　serious　destruction　of　the　natural　environment　represents　a　great　threat　to　the　sustainable　development　of　human　beings　and　the　earth.　Under　pressure　from　the　government　and　public　opinion,　companies　must　assume　environmental　responsibility;　however,　there　is　no　conclusion　on　whether　corporate　environmental　responsibility　is　beneficial　to　companies.　From　the　perspective　of　investment　efficiency,　this　paper　collects　panel　data　from　Chinese　listed　companies　from　2011　to　2016　to　discuss　the　impact　of　corporate　environmental　responsibility　on　investment　efficiency　and　the　moderating　role　of　the　institutional　environment　and　consumer　environmental　awareness.　The　results　show　that　corporate　environmental　responsibility　can　significantly　positively　affect　investment　efficiency,　but　this　effect　is　not　a　short-term　effect;　it　needs　time　to　play　a　role.　Second,　in　regions　with　a　good　institutional　environment,　corporate　environmental　responsibility　has　a　more　significant　impact　on　improving　investment　efficiency.　Finally,　with　the　improvement　of　consumer　environmental　awareness,　companies　that　assume　environmental　responsibility　can　address　underinvestment.　The　research　in　this　paper　supports　stakeholder　theory,　indicating　that　corporate　environmental　responsibility　is　not　selfless　dedication.　In　addition,　the　research　results　of　this　paper　are　robust　and　not　subject　to　endogenous　influences.