Abstract Enterprise R&D help to drive science and technology enterprises to establish innovative mechanisms to achieve sustained and steady development. From the perspective of leverage, this paper uses the two-stage leastsquares method, combined with 2010-2015 R&D data of listed companies in science and technology sector to explore how leverage affects the firm's R&D intensity effect. It is found that the leverage effect decreases the R&D intensity effect. For high leverage firms compared with the low leverage firms, the positive impact of growth opportunity on R&D intensity effect is negative, and increase of firm value caused by R&D intensity is declining trend. These results provide empirical evidence to improve the leverage ratio design of supply side structural reform.