This paper selects sample data of share repurchases of firms from 2007 to 2020 to empirically test the impact of share repurchases on financial investment decisions. The results show that stock repurchasing significantly promotes the financialization, and the effect is more significant when the uncertainty of economic policy is high, the stock market quotation is generally good, and the audit quality is low.The mechanism test shows that share repurchase can improve corporate financialization by catering to the investor sentiment and intensifying financing constraints. The expansive test indicates that the primary motive for holding financial assets is short-term allocation of financial assets rather than long-term arbitrage. Differentiating the use of Repurchase found that the influence of equity incentives only on the financialization of enterprises plays a role.