Abstract: Using the financial data and macro financial data of 71 listed companies from 1996 to 2017, this paper explores the relationship between financial development and equipment manufacturing industry development through empirical analysis. The results show that although financial scale, structure and efficiency have a positive impact on the development of equipment manufacturing industry, the impact of financial structure is obviously small, which means that the equity financing is insufficient; further through the causality test, it is found that only financial efficiency is the Granger Cause for the development of equipment manufacturing industry, which indicates that financial development has not yet fully driven the development of equipment manufacturing industry, and the combination of industry and finance needs to be strengthened. There are obvious imbalances and insufficiencies in financial support for the development of equipment manufacturing industry.