From 2020, the keywords "technology" and "innovation" appear frequently in the annual "Government Work Report" of China. As the main body of innovation, enterprises play an increasingly important role in promoting the innovative national strategy.At the same time, Chinese government pays more and more attention to the technological exchange and cooperation between enterprises. However, with the strengthening of technological exchanges between enterprises, the diffusion and spillover effects of technology will be inevitable. The spillover of technology is closely related to the innovation and competition of enterprises, and will have an important impact on the financing decisions of enterprises. This study will explore the relationship between the spillover of technology and the dynamic adjustment of corporate capital structure.