Abstract： Increasing of enterprise value fundamentally depends on the investment decision and investment efficiency. It is helpful for the managers to make a correct decision to carry on a comprehensive evaluation for the enterprise investment efficiency. An attempt is made at by using Data Envelopment Analysis(DEA) method to evaluate the efficiency of firm investment, and a modified DEA model based on TOPSIS method is set up by introducing two virtual DMUs. Then, an empirical research on Chinese listed real estate companies is conducted to illustrate the model. The results prove the feasibility and validity of C2R model and modified DEA model when evaluating enterprise investment efficiency and it is revealed that the behavior of inefficient investment in Chinese listed real estate companies is relatively serious and the development level various.