Based on the relevant data of A-share listed company in China from 2011 to 2016, with financial ecological environment as regulated variable, this paper explores the impact of financial ecological environment on the internal capital market to alleviate the financing constraints of enterprises. This paper finds that the financial ecological environment plays a significantly regulatory role in alleviating financing constraints within the internal capital market of the enterprise group. In the areas where the financial ecological environment is poor, the effect of internal capital market to alleviate external financing constraints is more obvious; the heterogeneity of property rights makes difference to enterprise groups. For private enterprise groups, the role of the internal capital market has been strengthened, while the internal capital market of state-owned enterprise groups is less obvious and the financing constraints are not obvious.