Many literatures have shown that financialization has crowding out effect on enterprise innovation,but few literatures have examined it from the perspective of management heterogeneity.By selecting the annual data of listed manufacturing companies from 2012 to 2018 and using R&D density to measure corporate innovation,this paper aims at studying the impacts of enterprise financialization on its corporate innovation and the moderation effects of manager real-industry background on their relationships based on combination analysis of two different motivations for holding financial assets and the upper echelons theory.The research finds that the behavior of enterprise financialization has a significant crowding-out effect on corporate innovation in general.After ownership differentiation,it is found that this effect only appears in non-state-owned enterprises but is not significant in state-owned enterprises.After getting rid of the state-owned enterprises sample,we continue to study the moderation effect.And we find that whether manager team has professional background or not cannot weaken this crowding-out effect.Nevertheless,the proportion of managers with professional background in team can remarkably moderate this effect.The higher the proportion,the stronger the moderation effect.We speculate that this moderation has a critical mass effect based on above study.Further research finds that the realization of the moderation effect depends on the“reservoir function”of reserve financial assets rather than the“speculation function”of speculative financial assets.This paper provides new empirical evidence for studying enterprise financialization,reasonably handling innovative activities and manager selection.