How to interpret the accelerating phenomenon of firm financialization is worth further discussion in the high-quality development stage when the real economy is slowing down. In this context, based on the construction of China’s social credit system, this paper studies the impact and mechanism of social credit on enterprise fi nancialization by using the data of A-share listed companies in cities at prefecture-level and above in China from 2012 to 2019. The results show that the construction of China’s social credit system has a signifi cant positive impact enterprise fi nancialization, indicating that a good credit environment is conducive to promoting the enterprise fi nancialization, which still holds after a large number of robustness tests. The mechanism test shows that the construction of China’s social credit system is conducive to easing the financing constraints of enterprises, thus promoting the enterprise financialization. Heterogeneity analysis show that in non-stateowned enterprises, manufacturing industry and enterprises with better institutional environment, the impact of construction of social credit system on enterprise fi nancialization is more signifi cant. In addition, the economic consequence shows that fi nancialization reduces the operational risks of enterprises located in the construction of social credit system. This study enriches the relevant literature on the infl uence of social credit on enterprise fi nancialization, and provides a new perspective for the government and enterprises to examine the policy effects of social credit system construction.