This article selected the empirical data from China's GEM listed companies from 2012 to 2017, based on the theory of financing constraints, and used regression analysis to explore the impact of corporate technology investment from the perspective of debt levels. The research results show that the input of technological innovation shows an inverted "U" trend with the increase of the asset⁃liability ratio. When the inflection point of the curve is reached, the incentive effect of the debt level on the input of technological innovation reaches a maximum.

As an important province in northeast old industrial base, Liaoning Province had strong industrial base and superior natural environment, but it was enslaved to regional reform, historic and structural problems for a long time. The financial industry itself should be improved overall and it was difficult to promote economic development to the financial sector. Based 2003—2014 years of market data, using DEA method, the financial resource allocation efficiency was analyzed in Liaoning Province, and the results showed that the financial resources of Liaoning Province unevenly distributed. The city which was of highly financial efficiency of resource allocation the economic development was faster with a wealth of financial resources; on the contrary, cities' economic was underdeveloped with lower efficiency of the financial resources.

An effect produced by foreign banks on the credit availability of enterprise especially small firms when they entered credit markets of developing countries, is the debating point in theory circle and practice. A large number of empirical studies provided a lot of empirical research findings but without explanations. The reasons through the analyses of evolutionary games theory was found that in credit markets of small businesses, and the rational choice of foreign banks was entry while tacit permission was the rational choice of domesticsfunded banks. For the purpose of increasing credit availability of small firms, it had an important practical significance to encourage domesticsfunded banks to change location and actively participate in competition in market so as to ease financing difficulties of small business.