This paper uses the micro data of Chinese listed companies from 2003 to 2015 and the house price data of each province to study the relationship and the mechanism between the housing collateral value of listed companies and the company’s investment. The study found that corporate investment is positively correlated with the value of housing collateral and the housing collateral value has a positive impact on corporate investment by acting on debt capacity. The results show that there is a collateral channel between the housing collateral value and the company’s investment, which provides direct evidence for the positive impact of the housing collateral value to corporate investment.