Previous research indicates that corporate social responsibility can bring more credit resources for enterprises. Then the question is, can the resources be used efficiently to improve credit resources allocation efficiency by companies with social responsibility? Based on the sample of A-share listed companies with disclosed social responsibility report in Shanghai and Shenzhen stock markets from 2008 to 2013, this article studies the impact of corporate social responsibility on corporate investment behavior through the mediation effect test of bank credit. The empirical results show that, corporate social responsibility can significantly promote investment expenditure and enhance investment efficiency through bank credit, and the effect is more significantly in state-owned enterprises and the low-growth enterprises. These results indicate that, from the perspective of corporate investment, the credit resources allocation function of corporate social responsibility is effective, and the debt governance effect on corporate investment of bank credit from corporate social responsibility is significant.