The effect of information disclosure on capital allocation efficiency is verified with data of A-share companies listed in Shen Zhen Stock Exchanges from year 2003 to 2012. We find that with the increase in the information disclosure quality, the reaction of investment alteration to its capital output alteration becomes more sensitive, which means that information disclosures with higher quality promote capital transfer rapidly from lower returning fields to higher returning fields, thus realizes the efficient allocation of capital.