Taking the M&A financing events of China''s A-share listed companies as the research samples, the question of how M&A financing decision affects the technological innovation of enterprises is analyzed. It is shown that the more enterprises are fond of M&A debt financing, the weaker the technological innovation will be. The property right nature has a moderating effect. The state-owned property right can weaken the negative effect of M&A debt financing decision on technological innovation. Furthermore, the effect of M&A debt financing decision on technological innovation and the moderating effect of property right nature are mainly reflected in growing enterprises and high-tech enterprises. M&A debt financing decision has a significant effect on the intermediate and the primary technological innovation of enterprises, and the moderating effect of property right nature is mainly reflected in these relationships above. The enlightenments of this study are as follows: firstly, enterprises with R&D needs, especially growing enterprises, high-tech enterprises and enterprises with a small and quick-moving innovation, should be cautious about M&A debt financing; secondly, people should innovate the financial system and mechanism so as to provide enterprises with more financing methods for M&A.