The force of macroeconomic policy on the financial behavior of enterprises exists objectively and cannot be ignored. Based on the debt heterogeneity hypothesis and debt contract theory， the purpose of this paper is to investigate the influence mechanism of debt source heterogeneity on enterprise investment decision after the introduction of macroeconomic policy factors. The empirical study finds that， on the basis of the significant correlation between the heterogeneity index of debt sources and the enterprises’ investment index， the monetary policy and the fiscal policy have different regulatory effects on the relationship between the debt source heterogeneity and micro-enterprise investment expenditure， as well as the relationship between debt source heterogeneity and enterprise investment efficiency. This paper explores the mechanism of macroeconomic factors on enterprise investment and financing from different levels， which is for enterprises embedded in Chinese situation；and provides a new perspective and empirical evidence for the Chinese enterprises’ financial behaviors.