This paper used multi-variant regression method to study the effect of CEO overconfidence and CEO power on corporate investment behavior. Empirical results show that CEO overconfidence plays a significant role in promoting corporate investment spending, while the effect of CEO power on the corporate investment spending is not significant, but strengthens the influence of CEO overconfidence on corporate investment behavior. This study also reveals that the influence on enterprise investment spending from CEO overconfidence differs as the result of various power intensities from different CEO. So, the effect of CEO power on enterprise investment spending differs with the overconfidence of CEO.