Based on behavioral corporation finance theory, this paper firstly constructs the theoretical model of impact of stock mispricing on corporation investment behavior through equity finance channel. Subsequently this paper empirically studies the relationship between the stock price and corporation investment behavior under different equity finance dependence and ownership characters. The conclusions are as following: i) the more dependent of equity finance, the more sensitive investment to stock price; ii) under the same degree of equity finance dependence, the investment level of corporation owned to local government is more sensitive to stock price than the corporation owned to central government and private property, and the sensitivity between the stock price and corporation investment manifests difference because of the diversity of ownership character and governance efficiency. The evaluation of finance demand and strengthening of public governance will be the effective measures to restrain the selfconcern motivation of equity allocation under local listed companies.