By analyzing the enterprise investment behaviors under different allocations of control rights，we study the relationship between the allocation of control rights and the inefficient investment behaviors under the condition of large shareholder controlling． And a empirical study by the sample data of the listed companies during 2000—2008 are used to verify our conclusion． We show that in the case of one large shareholder controlling，the overinvestment behavior is anticorrelated with share proportion，while the underinvestment is correlated with the proportion of the large shareholder． In the case of multiple shareholders controlling，the inefficient investment behaviors depend on whether the relationship of the shareholders is monitoring or cooperating: the overinvestment is alleviated and the underinvestment is accentuated if shareholders monitoring each other，while the overinvestment is accentuated and the investmentdeficiency is alleviated if shareholders cooperate with each other．