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.