Abstract：Based on the theory of government regulation，investment strategy and value creation，taking Chinese A-share listed companies as samples，we explore the path between the fiscal incentive，the investment strategy and the company value. We further propose a moderating model to test the moderating role of executive compensation incentive in the path of "financial incentive → investment strategy → firm value". The empirical results show as follows. Fiscal incentive can stimulate enterprises to increase innovation investment and scale investment at the same time. Innovation investment has a creative effect on the firm value，while scale investment has a damaging effect on firm value. Monetary compensation incentive of executives can enhance the promotion effect of fiscal incentive on innovative investment，thereby enhance the "creative effect" on corporate value. And equity compensation incentives can curb the promotion effect of fiscal incentive on scale investment，thereby weakening the "damaging effect" on corporate value.