Abstract: Enterprise investment is an important financial activity to enhance enterprise's own value and create its performance. Reasonable arrangement of enterprise investment is very significant to the development of enterprise. Taking A-share listed companies in Shanghai and Shenzhen as examples from 2011 to 2016, this paper empirically examines the relationship between finance constraints and enterprise investment in different institutional environments. The research finds that:finance constraints affect the investment status of listed companies, especially those with lower finance constraints; institutional environment can weaken the impact of finance constraints on enterprise investment to a certain extent.