Taking Shanghai and Shenzhen A-share listed companies from 2007 to 2020 as its research sample, the impact of social trust on the degree of enterprise financialization has been examined, based on the preventive motivation and profit-seeking motivation of enterprises to allocate financial assets, and finds that social trust can improve the degree of enterprise financialization. The mechanism test shows that social trust significantly increases the degree of enterprise financialization, mainly by alleviating financing constraints and stimulating enterprise profit-seeking motivation, and that social trust can increase enterprises' short-term financial asset allocation more significantly than that of long-term one. Further investigation on economic consequences implies that the negative impact of financialization on the future development of enterprise core business will only be exhibited in the case that the level of social trust is comparatively low.