Based on the data of China's industrial enterprises and the census database of financial activities, this paper constructs the collaborative agglomeration index of banking industry and manufacturing industry, studies the effect of collaborative agglomeration of banking industry and manufacturing industry on new product innovation of manufacturing enterprises, and probes into the influencing mechanism. The empirical results show that: the improvement of the collaborative agglomeration level of banking industry and manufacturing industry effectively promotes the innovation behavior of manufacturing enterprises; further research finds that the improvement of the collaborative agglomeration level mainly promotes the innovation of enterprises by improving the level of financing constraints and the acquisition of long term debt financing. Collaborative agglomeration has a heterogeneous impact on the innovation of different types of enterprises, and its effect is different due to enterprise size, ownership and location. Even if different methods and samples are used for testing, the above conclusions are still valid. The conclusions of this paper provide a new basis for optimizing the evolution of industrial agglomeration and promoting the implementation of innovation driven strategy.