This paper takes 23,388 observation value of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as a sample, measures industry-finance integration combined with textual analysis method, and studies the impacts of industry-finance integration on enterprise value and their functioning mechanisms by applying fixed effect model. The results show that industry-finance integration can greatly enhance enterprise value, whose effects are mainly generated through mechanisms such as alleviating financing constraints and reducing financial risks, that comparatively the value enhancement effect of industry-financial integration on small and medium-sized enterprises is more significant than on large enterprises, and that comparatively on non-state-owned enterprises is more significant than on state-owned enterprises. The results not only enriches the research on industry-finance integration value effects, but also provides empirical evidence for managers to employ industry-finance integration to enhance corporate value.