Abstract: The task of promoting large-scale development of renewable energies has become more urgent in face of the dual carbon target. High-quality technological innovation is an important condition for promoting large-scale development of renewable energies. However, high quality means high risk. Enterprises need not only a lot of capital investment, but also good management of technological innovation. Taking the photovoltaic listed companies in China, the United States, Germany, Japan and South Korea as examples, this paper reveals the influence mechanism of stock and debt financing on the innovation quality of photovoltaic enterprises from the perspective of the combination of capital and human. It is found that equity and debt have a negative impact on the quality of technological innovation, and debt has a greater negative impact than equity. Managers with good management of technological innovation can effectively alleviate these adverse effects in different stages of enterprise innovation, and even guide equity financing to promote innovation quality. Finally, on the basis of empirical research, the countermeasures and suggestions to improve the innovation quality of photovoltaic enterprises are given from two aspects: enterprise management and government policy making.