This paper selects panel data of 35 major cities in China from 2003 to 2016, and studies the impact mechanism of housing price fluctuations on corporate performance from the perspective of corporate financing costs. The study found that the rise in housing prices has a certain negative effect on corporate performance. For every 1% increase in housing prices, ROE decreases by 3.45% and ROA decreases by 1.21%. Among them, financing costs as an impact mechanism, To a significant intermediary role, that is, housing price fluctuations have an impact on corporate performance by affecting corporate financing costs; in addition, the rise in housing prices has different impacts on enterprises with different equity properties, and has a greater impact on the financing costs of non-state-owned enterprises. Therefore, it is recommended to further formulate a series of "house-related policies" to effectively control the excessive growth of housing prices; strengthen the guidance of corporate investment behavior; at the same time, pay more attention to non-state-owned enterprises' investment behavior in the real estate industry.