This paper studies whether the policy makers will observe, understand, and investigate the micro-level financial risk level and its industrial derivative effect in the process of industrial restructuring decision-making. This paper takes the Evidence-based Decision theory in policy science as the research paradigm, and uses the data of Chinese listed companies from 2001 to 2017 to test the impact of the micro and meso-level decision-making evidence. This study shows that when formulating industrial restructuring policies, the government will observe the financial performance of micro-enterprises as evidence for decision-making. At the meso level, if the corporate financial risk can reduce the financial risk of the entire industry or increase the concentration of the industry, then the possibility of the industry itself being regulated by the industrial restructuring policy will be reduced. This reflects the complementary effects of market mechanisms and government mechanisms in risk management and efficiency improvement.