Combined with the development trend of Liaoning equipment manufacturing industry moving closer to high technology and high added value, the influencing factors of added value of equipment manufacturing products by embedding cost discovery model into endogenous growth theoretical model were put forward. Starting from the short-board factor of low added value, the quantitative research method of cluster analysis to measure the competitiveness level of Liaoning Province and some regions and make a horizontal comparison was used. The results show that the factors influencing the competitiveness of Liaoning equipment manufacturing industry are not only the per capita capital accumulation and the per capita stock of natural resources, but also the accumulation of internal knowledge, the acquisition of external knowledge and the national system and policy environment.