In this paper, we take the data of Beijing-Tianjin-Hebei listed companies from 2006 to 2015 as the sample, and investigate the relationship between the ownership structure, equity incentive, and inefficient investment. From the test results, it is found that the implementation rate of equity incentive mechanism is not high in the sample companies. However, it is certain that equity incentive plays a constraint effect on the inefficient investment. The ownership structure contains three factors, the ownership concentration, the share proportion of institutional investors and management. Although the role of each factor plays in the inefficient investment is not the same, but the overall view is that it’s important to distribute the proportion of ownership structure reasonably for the listed companies in Beijing-Tianjin-Hebei Region in order to have a favorable effect on the improvement of the efficiency of investment. In addition, different shareholders have different impacts on the implementation of the company’s equity incentive, among which management is more supportive of the implementation of the incentive mechanism.