Taking the A share manufacturing listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2020 as samples and introducing the marketization process as the regulating variable, this paper empirically tests the relationship between enterprise strategic incentive progress and financing constraints. The study finds that the more radical the strategy, the more serious the financing constraints are faced by enterprises. Under the influence of marketization, it is found that the higher the marketization process is, the more significant the positive correlation is. From the perspective of property heterogeneity, these two problems are more prominent in non state owned enterprises. Through the mechanism test, agency cost, operation risk and information asymmetry all play an intermediate role in the process of strategic incentive progress affecting financing constraints. This paper theoretically enriches the interdisciplinary research of corporate strategic management and corporate financial behavior. The research conclusion is helpful to improve the deeper strategic logic behind corporate financing decision making. In addition, for manufacturing enterprises at this stage, scientific market mechanism has strong practical significance to guide enterprise strategic decision making and financing behavior.