In recent years, China’s economy has shown a tendency towards enterprise financialization, one important manifestation of which is the gradual increase in the scale of financial assets held by entity enterprises. How to address the problem of enterprise financialization and promote coordinated development between finance and the real economy has been focused on by academia. Previous research on the driving factors of financialization mainly focused on macroeconomy and corporate governance, with less attention paid to the impact of the geographical distribution of financial resources. In fact, after decades of reform and development, China’s banking sector has achieved a transformation from a single banking system to a modern banking system. At the end of 2022, the number of banking branches exceeded 222,000. Undeniably, as a typical bank-oriented financial system, the significant increase in bank branch coverage and penetration rate will inevitably reshape the coverage of corporate financial resources and have a significant impact on the production and investment activities of enterprises. This means that when exploring the driving factors of enterprise financialization, it is necessary to consider the impact of the geographical proximity of financial resources. Therefore, using data from the CSMAR Database, the National Bureau of Statistics of China, and the National Financial Regulatory Administration of China, this paper empirically examines the impact of geographical proximity of financial resources on enterprise financialization from the perspective of geographic structure of finance. The results show that the improvement of geographical proximity of financial resources promotes enterprise financialization, and the promotion is mainly reflected in the increase of long-term financial assets, with no significant impact on short-term financial assets. Heterogeneity analysis shows that the geographical proximity of financial resources has a more significant promotion of enterprise financialization of non-state-owned enterprises, small enterprises, and enterprises in the industry with high competition. Further research finds that alleviating financing constraints and strengthening management overconfidence are important mechanisms for the geographical proximity of financial resources to affect enterprise financialization, and financial supervision and equity concentration can alleviate the adverse effects of geographical proximity of financial resources and exert positive governance effects. This paper makes the following contributions. Firstly, previous research on the driving factors of enterprise financialization mostly focused on macroeconomy and corporate governance and paid less attention to the impact of the geographical distribution of financial resources. This article examines the impact of geographical proximity of financial resources on enterprise financialization from the perspective of financial geographic structure, which supplements relevant literature. Secondly, unlike existing studies that measure the financial resources at the overall level or at the regional level, this paper utilizes the geographic information of enterprises and banks to expand the financial resources geographical proximity index to the enterprise level, which helps to more accurately evaluate the impact of geographical proximity of financial resources on enterprise financialization. Thirdly, this paper empirically tests how the geographical proximity of financial resources affects enterprise financialization and reveals possible impact mechanisms. The research conclusions can provide a useful reference for preventing and restraining the development of enterprise financialization and deepening the financial supply-side structural reform.