The income gap between financial investment and industrial investment has been further widened with the influence of adverse external shocks. The phenomenon of financialization of entity enterprises driven by the motive of capital profit-seeking has attracted more and more attention. On the one hand, the financial investment of entity enterprises can significantly boost the investment income of enterprises and lay a solid capital foundation for improving the innovation quality of entity enterprises; on the other hand, the changes of corporate investment preferences due to the financialization of entity companies generate the crowding-out effect on innovation capital, consequently the financialization can degrade the quality of corporate innovation. Since the effect of financialization of entity enterprises on the quality of enterprise innovation is uncertain, in order to improve the supported intensity of financial market on the real economy, it is of great significance to empirically study the effect of financialization of entity enterprises on the quality of enterprise innovation and the moderating effect of technological market development.#br#The difference between innovation output and innovation quality is huge,however, there is relatively little literature focusing on the impact factors of the quality of enterprise innovation. Among all the literatures on the influence factors of the quality of enterprises innovation, most focus on environmental regulation and business environmental and so on. Due to the increasingly severe trend of financialization of entity enterprises, it is urgent in the current society to find out the influential effect, impact mechanism and adjustment effect of the financialization of entity enterprises on innovation quality. Consequently, this paper uses the data of A-shares listed companies to empirically study the influence of financialization of entity enterprises on innovation quality and the moderating effect of technology market development. It is found that firstly the financialization of entity enterprises has a negative effect on the quality of enterprise innovation. Secondly, technology market development has the moderating effect on the influence of the financialization of entity enterprises on innovation quality. In areas with better development of the technology market, the innovation quality loss caused by the financialization of entity enterprises is greater. Thirdly, financing constraints is one of important influencing mechanism for the financialization of enterprises to affect the quality of enterprise innovation. The transfer of assets from the action of production and R&D to the financial market by entity enterprises significantly reduces the financing constraints of enterprises, however the comprehensive effect of the transfer of assets from the action of production and R&D to the financial market still implies the phenomenon of degrading the quality of enterprise innovation. Moreover, when enterprises are located in areas with relatively well-developed technology markets, the influence of financialization of entity enterprises on financing constraints has been greatly weakened. Fourthly,the total factor productivity is an important mechanism for the financialization of enterprises to affect the quality of enterprise innovation. The financialization of entity enterprises has a negative impact on the quality of enterprise innovation by reducing the total factor productivity of enterprises. In regions with better technology market development, the negative impact of the financialization of entity enterprises on the total factor productivity of enterprises is stronger. Fifthly when the product market competition is strong, the entity enterprise is a non-family enterprise, and the bank-enterprise relationship is relatively weak, the negative impact of the financialization of entity enterprise on innovation quality is more significant.#br#Different from the existing related literature, this study explores the influence of the financialization of entity enterprises from the perspective of the quality of enterprise innovation with consideration of the moderating effect of the development of the technology market. Then it investigates the moderating effect of technology market development on the influencing mechanism and verifies the mechanism of entity corporate financialization on innovation quality, Third, from the perspective of product market competition, family business and bank-enterprise relationship, this study explores the differences in the influence of financialization of entity enterprises on innovation quality. Further research can focus on the quantitative mediating effect measurement of financing constraint mechanism and total factor productivity mechanism needs; the heterogeneity of the regulatory effect of technology market development is also worthy of detailed discussion.#br#