As a form of enterprise financing, whether leasing can help to promote the long-term development such as innovation of enterprises? The change of the level of innovation before and after the A-share listed companies adopted leasing financing in 2007-2017 is examined. The study finds that although the overall level of innovation of enterprises decreases, different enterprises performs differently. And although the overall level of innovation decreases, the level of innovation of enterprises with high degree of financing constraints decreased more, and the level of innovation of enterprises with higher level of profitability and larger scale increased. This result is due to lower R&D spending despite higher levels of investment, which indicates leasing plays different roles in different enterprises, when enterprises are faced with more severe financing constraints, greater short-term performance pressure, and smaller scale, the role of short-term financing of enterprises is more prominent, on the contrary, the role of promoting the long-term development is more prominent.