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.