Using the stochastic frontier analysis model, the influence of intellectual property policy on investment efficiency was analyzed based on the data of 10 years from 2007 to 2016. By adopting Cobb-Douglas production function, the model for investment efficiency and production factors of intellectual property were discussed. The technical inefficiency equation was established to analyze the policy factors. The results show that for the intellectual property investment efficiency, the policy tools of creation and application have positive effects, and the policy tools of protection and management have negative effects.