Dealing with the problem of enterprise leverage is the basic requirement to avoid systematic financial risks. Taking A-share listed companies from 2015 to 2020 as the research sample, this paper focuses on the impact of leverage manipulation on enterprise financial risk and the governance effect of internal and external supervision under the background of “deleveraging”. The results show that leverage manipulation is positively correlated with enterprise financial risk, that is, the greater the degree of leverage manipulation, the higher the enterprise financial risk; The moderating effect test found that internal control and shareholder supervision of internal supervision，analyst focus and external audit of external supervision can play a role in governance effect, effectively inhibit leverage manipulation and reduce enterprise financial risk. Further research found that private enterprises, over-indebted enterprises and enterprises in the central and western regions are more likely to promote financial risk by leverage manipulation. The research conclusion has gained some benefits in expanding the economic consequences of leverage manipulation, constructing an effective governance mechanism for leverage manipulation, implementing the “deleveraging” policy, and resolving enterprise financial risk.