Based on reviewing the narrow of corporation investment theory under new classic economics, this paper firstly review and explain the theory foundation, analysis frame and mechanism of corporation investment from shareholdermanager, shareholdercreditor and free cash flow under the traditional agent confliction. Along with the current development of corporation governance, the literature review has been given about the corporation investment driven by the private benefit of control under agent conflicts in controlled shareholders. At last, the paper points out the future direction of research in corporation investment and governance efficiency improvement under the governance structure of Chinese listed companies.