This paper selects sample data from state-owned A-share listed companies from 2007 to 2018. Based on the calculation and determination of excessive on-the-job consumption, three indicators are defined to measure the depth of enterprise reformdiversity of mixed subjects, deepness of mixed subjects, and check and balance degree of mixed main body. Models are established and empirical tests are conducted through group analysis. The results show that all three indicators— diversity of mixed subjects, deepness of mixed subjects, and check and balance degree of mixed main body—significantly inhibit the level of excessive on-the-job consumption by executives, and this inhibitory effect is significant at the level of 1%. This paper finds that the higher the degree of enterprise reform, the lower the level of excess consumption; By the types of industries, compared with monopoly industries, the inhibitory effect of enterprise reform on excess consumption is more obvious in non-monopoly industries. Further research shows that in areas with a high degree of marketization, mixed ownership has a stronger inhibitory effect on excess consumption.