This paper aims to examine the impact of corporate financialization on economic value added (EVA). The panel regression model and threshold effect model are used based on data from 913 Chinese A-share listed companies between 2007 and 2016. The results show that the proportion of financial channel profit has a significant negative effect on EVA. Furthermore, the moderate range in the impact of the corporate financialization level on EVA is also captured. Besides, the impact of corporate financialization on EVA is heterogeneous among industries with intensity factor differences. The results of this study are very relevant to investors and managers. For instance, corporate financial management can be adjusted and supervised according to the moderate range and direction. The government should combine industry characteristics to create different support policies.