Taking the A-share non-financial listed companies from 2008 to 2015 as a sample, the paper examines the impact of government subsidies on the financialization of enterprises based on the perspective of financing constraints, then analyzes the impact of local economic fluctuations on the relationship between government subsidies and corporate financialization. The paper finds that government subsidy reduces the degree of financialization of enterprises, and this effect is stronger in enterprises in low-marketization areas than in high-marketization areas. At the same time, it is also found that with the increase of local economic fluctuations, the difficulty of achieving local government appeals is more serious, then the negative influence of government subsidy on the financialization of enterprises is weakened. However, this phenomenon exists only in enterprises in low-marketization areas, but not in the high-marketization areas. In addition, the paper further illustrates the robustness of the research conclusions based on a series of tests such as instrumental variable method, cluster analysis and variable substitution. While expanding and enriching the research perspective of government subsidy and corporate financialization, the paper not only inputs the government into the theoretical framework of industrial financialization by using government subsidy as a carrier, but also explains the inherent logic of industrial financialization from the perspective of financing constraints. The conclusions of the paper are of great reference significance to the government's policy of "virtual to reality", "development of high quality" and "decreasing the leverage" the entity enterprises.