The problem of enterprise investment efficiency has been a hot topic in the field of theory and practice，and this paper studies the relationship and intervention path between regional competitive pressure and enterprise investment efficiency.Based on the sample of A share listed companies in China’s Shanghai and Shenzhen stock market in 20042015，this paper empirically tests the relationship between regional competitive pressure，factor distortion allocation and enterprise investment efficiency.The study found that the greater the regional competitive pressure，the lower the efficiency of enterprise investment；Further analysis shows that the regional competition through the allocation of factors to make the low efficiency of enterprise investment.From the perspective of regional competitive pressure，this paper studies the institutional causes of enterprise investment efficiency，and provides a reference framework for improving enterprise investment efficiency.