Taking the data of A-share listed companies from 2008 to 2020 as the sample, the impact of the entity financialization on stock liquidity and its mechanism are explored .It is found that there is a clear inverted U-shaped relationship between corporate financialization and stock liquidity, and the enterprise value plays a partially intermediary role in the impact of corporate financialization on stock liquidity. The analysis based on the advantages and disadvantages of corporate financialization not only has important implications for us to recognize the harms of excessive financialization to stock liquidity and promote entity enterprises focus on their main business, but also provides decision support for entity enterprises to improve stock liquidity.