Based on social network theory and the viewpoint of Economic Man, this paper chooses listed enterprises in Shanghai and Shenzhen A-share markets from 2015 to 2017 as samples to empirically study the relationship between green financial asset allocation behavior among the companies in the insurance shareholding network. It is found that after distinguishing the risk heterogeneity of green financial assets, the insurance shareholding network will produce two different effects among enterprises. That is, the existence and quantitative strength of the insurance equity network will significantly promote the convergence of the low-risk asset allocation level of green finance, the “reservoir contagion effect” among enterprises, and significantly promote the differentiation of the high-risk asset allocation level of green finance among enterprises, and trigger the “crowding out dispersion effect”. At the same time, with the increase in the holding time of the same insurance institution, the deviation of the level of low-risk asset allocation in green finance among enterprises will show a “U”-shaped change, while the deviation of the level of high-risk asset allocation in green finance among enterprises will expand. In addition, due to the dominant influence of state-owned shareholders, the insurance equity network plays a small role among state-owned enterprises and only has a significant impact on the difference in green financial investment among non-state-owned enterprises.