The paper proposed a theoretical model of cascading bankruptcy process in the context of financial contagion that is tightly linked to systematic risk of industrial complex network. And the paper further offers a theoretical methodology to measure systematic risk of industrial complex network. To test its validity, an experimental analysis is conducted using network dataset from Zhejiang chemical industrial network. And this simulation results is fit to realistic performances of Zhejiang chemical industrial network. Therefore, the paper proposes a useful method to evaluate cascading effect and further measure systematic risk.