: Using the changes of industrial supporting policy in the 13th Five-Year Plan in 2016 as an external policy shock,the paper analyzes the impact of the change in industrial supporting policy on the financial investment of enterprises. By using DID model we can draw the conclusion that: Firstly, the optimization of industrial policy can effectively discourage relevant enterprises from the tendency of financial investment, especially for the short-term financial investment; Secondly,the effect above is more obvious for the non-SOEs; Finally, the effect above is achieved through lower arbitrage demand for fiscal subsidies and prolonged life cycle.