In　a　three-stage　complete　information　dynamic　game　model,　the　article　studies　that　enterprise＇s　debt　financing　strategy　imposes　strategic　effect　on　technology　innovation　with　spillover　and　quantity　decision　under　demand　uncertainty,　at　the　same　time,　we　compare　the　two　competition　equilibrium　outcomes　between　being　debt　financing　and　not　being　debt　financing.　The　research　show　that　in　addition　to　being　affected　by　the　spillover　effect　of　technology　innovation,　debt-financing　decision　has　important　effect　on　enterprise＇s　technology　innovation　action;　the　enterprise＇s　quantity　decision　is　affected　by　both　debt　financing　and　technology　innovation.