How to effectively guide funds flow to the policy-supported industries is the key to the effectiveness of the industrial policies and the promotion of financial service economy. According to the idea of “Industrial policies guide fund investments, the organic combination of the fund investments and industrial policies affects corporate refinancing”, this paper studied the effect of industrial policies on the fund investment behavior. Besides, the paper discussed whether the fund investment could promote enterprise refinancing under the influence of industrial policies. The study found that industrial policies can guide the fund flows into policy-supported enterprises. The interaction between fund holdings and industrial policies guides capital market funds to flow to policy-supported enterprises and promotes corporate refinancing. This paper helps to have an in-depth understanding of the relationship between industrial policy, capital market players’ behavior and market resource allocation, so as to better play the guiding role of industrial policy and the function of financial support for the real economy.