By using the listed companies during 2010—2014 as a sample，this paper uses the upper echelons theory，principal agent theory and incentive theory to analyze incentive mechanism’s moderating effect on the relationship between TMT’s characteristics and investment efficiency.The results show that：（1）there is a positive relationship between TMT’s age and investment efficiency，so is the relationship between TMT’s tenure and investment efficiency；（2）compensation incentive mechanism has positive moderating effects on the relationship between TMT’s age and investment efficiency，on the TMT’s education level and investment efficiency；（3）promotion incentive mechanism has positive moderating effects on the relationship between TMT’s age and investment efficiency，on the TMT’s education level and investment efficiency，on the TMT’s tenure and investment efficiency.It has a negative moderating effect on the TMT’s gender and investment efficiency.In addition，this paper divides the insufficient investment group and the excessive investment group，state owned enterprises and private enterprises groups and further inspection，thus providing more pertinent practical ideas for different enterprises on how to improve investment efficiency.