At present， China is in a critical period of economic transformation， and how to improve the quality of enterprise innovation is a key issue in the context of economic “detachment from reality to emptiness”and innovation leading high-quality economic development. Based on the panel data of Shanghai and Shenzhen A-share listed companies from 2009 to 2021， it empirically examined the impact of corporate financialization on innovation quality and its mechanism by using two-way fixed effects， and selected variables from the perspective of government governance to test the moderative effects. The results show that the effect of enterprise financialization on innovation quality is “crowding out”， and the mechanism is that enterprise financialization reduces the quality of enterprise innovation by crowding out innovation resources and increasing fluctuations in enterprise returns. Government innovation subsidies and government supervision mitigate the negative impact of enterprise financialization on innovation quality， while official change exacerbates the negative impact. Further research finds that the greater the degree of deviation from corporate financialization， the lower the quality of innovation， and there is heterogeneity in the impact of different levels of financialization on innovation quality. Robustness and endogenous tests also confirm the negative impact of enterprise financialization on innovation quality. It incorporates government behavior into the research framework， and the results not only enrich the relevant research on enterprise financialization and innovation quality， but also provide theoretical reference for the country to formulate policies.