This　study　aims　to　analyze　the　efficiency　and　influencing　factors　of　participating　in　financial　institutions　in　China＇s　listed　manufacturing　enterprises,　and　uses　the　stochastic　frontier　model　(SFA)　to　carry　out　empirical　research.　Firstly,　with　the　help　of　SFA,　combining　with　the　condition　of　integration　of　industry　and　finance　of　manufacturing　enterprises,　the　indexes　of　output,　input　and　influencing　factors　of　the　manufacturing　enterprises　were　screened　out,　and　the　calculation　model　of　integration　of　production　and　financing　efficiency　was　established.　Then,　the　integration　of　production　and　financing　of　manufacturing　enterprises　in　2006-2016　was　used　as　the　research　case.　Using　the　Frontier　4.1　and　applying　the　CD　production　function　as　the　production　function　of　SFA　in　this　study　to　calculate　the　efficiency　of　its　panel　data.　The　results　show　that　the　efficiency　of　the　integration　of　production　and　financing　is　basically　on　the　rise　in　2006-2016.　The　scale　of　enterprises,　the　proportion　of　shares,　the　financial　risk,　the　government　support　and　the　financial　support　all　significantly　affect　the　efficiency,　and　the　property　right　has　little　effect　on　the　efficiency　of　the　integration.