This paper selects the sample data of manufacturing listed companies from 2007 to 2018, analyzes the impact of the company''s financial level on the financial performance of listed companies, and draws the following conclusions: First, the higher the financial level of listed companies, the financial The greater the negative impact of performance, in addition, according to the investment efficiency of the listed companies in the manufacturing sector, it is found that whether it is an over-investment or under-investment in the entity, its financial investment is significantly negatively correlated with the operating rate of return, while investment efficiency enterprises It can alleviate the impact on financial performance brought about by the financialization of listed companies in manufacturing. The research in this paper provides a reference for the manufacturing enterprises to maintain a moderate level of financialization and promote the long-term healthy development of the manufacturing industry. At the same time, it has important reference value for promoting the transformation and upgrading of China''s manufacturing industry.