Based on the data of A-share listed companies from 2007 to 2017, this paper tests the influence of executive pay stickiness on enterprise innovation investment and the moderating effect of internal control and internal governance on this influence. The results indicate that the stickness of executive performance pay can promote corporate innovation investment and high-quality internal control and internal governance both play a strengthening role in the incentive function of executive compensation stickiness to executive innovation decision-making behavior. Further research finds that internal control includes internal governance in content, and internal control can achieve part of its regulatory role through internal governance intermediary. If the stickiness of executive compensation is caused by insider control problem and information asymmetry,it will lose its incentive function on executives’ behavior and can not effectively promote the innovation investment activities of enterprises.