This article mainly examines Science and Technology Innovation board listed the equity financing behavior for enterprise innovation ability will influence, this article try to win the board in 2019 listed 77 companies as samples, empirically tested in association with the equity financing SOEs mixed change, corporate performance and R&D spending the influence of three factors on enterprise innovation ability. The research shows that, for the science and technology enterprises that choose to be listed on the science and technology innovation board, although the operating income of most enterprises increases obviously when they are listed, the average R&D intensity of each enterprise only shows a slight increase, and the R&D achievements even have a trend of decline. In view of the above conclusions, this paper puts forward some policy suggestions, such as focusing on motivating the innovation enthusiasm of major shareholders, making full use of the financial leverage effect within the range of controllable risks, and guiding more capital to participate in the equity financing of sci-tech enterprises by government and enterprises, so as to promote the improvement of the innovation ability of listed companies on the science and innovation board.