The real economy is the focus of high-quality economic development. Whether monetary policy can promote the sound prosperity of the real economy is a key point to measure the effectiveness of the monetary policy. Existing studies have found that loose monetary policy not only promotes corporate entity investment, but also promotes corporate financial asset investment. However, there is a lack of in-depth research and empirical evidence on what types of investments are better promoted. It is not conducive to a comprehensive and objective evaluation of the effectiveness of monetary policy. This paper argues that the growth of capital supply brought by the easing of monetary policy is conducive to the increase of enterprise entity investment and financial asset investment. The easing of monetary policy is a common countercyclical adjustment tool when the overall economy remains sluggish. At this time, real asset prices tend to be undervalued, while financial asset prices tend to fluctuate greatly. Therefore, loose monetary policy in general can promote enterprises’ entity investment. However, because the monetary policy itself has little influence on the investment preference of enterprises, enterprises with insufficient investment tend to be cautious about entity investment and may make more use of capital increment for financial asset allocation. Over-invested firms that prefer real investment, on the other hand, may continue to increase their entity investment, which in turn exacerbates their inefficient investment behavior. Taking A-share listed companies in Shanghai and Shenzhen from 2008 to 2020 as samples, the analysis of the simultaneous equation model shows that the increase of monetary policy easing will produce the following corporate investment effects. (1) On the whole, it promotes both types of investment of enterprises and has a greater promotion effect on entity investment. (2) It promotes the two types of investment of under-invested enterprises and plays a greater role in promoting financial asset investment. It can promote and inhibit the entity investment and financial asset investment of over-invested enterprises respectively. (3) It promotes the entity investment of state-owned enterprises. The promotion of investment in financial assets by non-state-owned enterprises is more significant, and the promotion of investment in state-owned enterprises is more significant than that of investment in non-state-owned enterprises. (4) It promotes the two types of investment of enterprises in the eastern region and the promotion effect on financial asset investment is more significant. It promotes entity investment by enterprises in the central and western regions. The promotion effect on enterprise entity investment in central and western regions is greater than that in eastern regions.Compared with existing literature, this paper mainly expands and deepens this study from the following aspects. Firstly, the entity investment and financial asset investment of enterprises are included in the same analytical framework to expand the research on the investment effect of monetary policy and the investment behavior of enterprises. Secondly, the simultaneous equation model is used to optimize the empirical method of the factors affecting the investment behavior of enterprises, and the empirical evidence is provided for whether the monetary policy will prompt enterprises to “turn from real to virtual” or “turn from virtual to real”. Thirdly, heterogeneity analysis of different enterprises helps to accurately and effectively improve the effectiveness of the monetary policy. On the whole, loose monetary policy is helpful for enterprises to “shift from virtual to real”. It may also aggravate the inefficient investment behavior of enterprises, which is not conducive to the improvement of economic structure and efficiency. Therefore, loose monetary policy should be used with caution. At present, China should still implement a prudent monetary policy and pay attention to the precise and powerful differentiation adjustment of different micro-economic entities. At the same time, expectations management and coordination with other macro-control policies should be strengthened to promote enterprises to efficiently “move from virtual to real”.