Financial leasing is an important part of the financial supply,it is also an important way to serve the real economy .The development of financial leasing in China presents typical characteristics: high-speed growth but still at a low level of development, and the region is extremely unbalanced. Using the panel data of provinces and cities from 2007 to 2017, the spatial Dubin model is used to examine the relationship between financial leasing and innovation. Result shows that: There is spatial agglomeration and spillover effect of financial leasing, and with the expansion of transaction scale, it has a positive positive effect on the innovation output of the region and surrounding areas. In the high-growth area of financial leasing, the relationship is more obvious; while in the low-aggregation area, this promotion effect disappears, indicating that spatial agglomeration is an important reason for promoting the significant effect. Further, Marshall and Willianson effects in the high-aggregation area is analyzed, Willianson point has emerged, which means that there is some degree of excessive agglomeration of the financial leasing. In view of this, policy should guide the transition from low to high aggregation in low-aggregation area, meanwhile in high-aggregation regions, an organic ecosystem needs to be formed which including of financial, information, credit and human capital. So that the agglomeration effect of financial leasing will be fully excavated which can delay Willianson turning point.