With the initiation of the coordinated development strategy of the Beijing-Tianjin-Hebei region, moving out non-capital functions and industrial transfer in Beijing has been paid increasingly more attention. Based on the data of investment projects of over 100 million yuan in Hebei Province by Beijing's enterprises from 2010 to 2015 and the calculation results of geographic concentration, this study analyzed the investment scale, industry characteristics, and location characteristics over the years, and further used a conditional Logit regression model to explore the influencing factors of the investment location of enterprises from all industries, manufacturing industries, and service industries. The purpose of this study was to summarize the spatial change pattern and influencing mechanisms of investments in Hebei by Beijing's enterprises, and provide suggestions for industrial transfer policies in the context of moving out non-capital functions. The study found that: 1) The investment scale in Hebei by Beijing's enterprises increased dramatically. The proportion of manufacturing industry investments decreased and the proportion of service industry investments increased. The types of invested industries were diverse, showing an upgrading trend, and the moving out of industries had achieved some results. 2) The distribution of investments in the prefectural-level cities of Hebei Province was clearly stratified, and they were distributed across urban districts and counties, showing the characteristics of wide-area distribution. Tangshan City was in a dominant position, followed by Baoding, Shijiazhuang, Zhangjiakou, and Langfang cities. 3) From 2010 to 2015, the location of investments in Hebei by Beijing's enterprises was concentrated, but had become slightly dispersed. The investment was moving from Tangshan, Chengde, and Langfang to Baoding and Handan, and basically formed an investment pattern with Tangshan, Shijiazhuang, Baoding, and Zhangjiakou as the core agglomeration area, which was in line with the spatial planning of the coordinated development strategy of the Beijing-Tianjin-Hebei region. The investment location of the manufacturing industries had gradually dispersed, the investment was moving from Tangshan and Langfang to Baoding, Handan, and Shijiazhuang. The investment location of the service industries was dispersed firstly, then concentrated, and the investment was moving from Shijiazhuang and Chengde to Zhangjiakou, Baoding, Langfang, and Qinhuangdao. 4) Industrial foundation, time distance, policy environment, and innovation capacity were important factors that influenced the choice of investment location. Manufacturing industries were affected by time distance, labor cost, and policy environment, so it was easy to form "location lock-in" and “industry lock-in.” The higher economic benefits of service enterprises had overcome the increase of labor costs, and high-quality talents could attract investments from service enterprises.