以产融合作试点政策为准自然实验，基于2011～2023年我国沪深A股上市公司数据，实证检验产融合作对企业杠杆操纵的影响。研究发现，产融合作通过拓宽外部融资渠道，改善企业内部信息环境、强化主业经营，有效抑制了企业的杠杆操纵行为。异质性分析表明，产融合作对企业杠杆操纵的抑制作用在银企不对称程度较高、分析师关注度较低以及面临经济政策不确定性较高、所处地区金融发展水平较低的企业中更为显著。经济后果检验显示，产融合作在抑制企业杠杆操纵后，会进一步降低企业的违约风险，并提高主业业绩。

Based on the quasi-natural experiment of the pilot policy of industrial-finance cooperation, and using the data of Chinese A-share listed companies from 2011 to 2023, this study empirically examines the impact of industrial-finance cooperation on corporate leverage manipulation. The research finds that industrial-finance cooperation effectively restrains corporate leverage manipulation by expanding external financing channels, improving the internal information environment of the enterprises, and strengthening the main business operations. Heterogeneity analysis indicates that the inhibitory effect of industrial-finance cooperation on leverage manipulation is more significant in enterprises with higher bank-enterprise asymmetry, lower analyst attention, higher economic policy uncertainty, and lower financial development levels in the region. Economic consequence tests show that after suppressing corporate leverage manipulation, industrial-finance cooperation will further reduce the default risk of enterprises and improve the main business performance.