Non public offerings are common economic activities of enterprises. Enterprises that make non-public offerings can use the financing capital to purchase fixed assets and expand. From the perspective of enterprise innovation, with the continuous upgrading of market competition, enterprises may need new capital to upgrade their assets, or purchase key technology licenses, patents, and invest in start-ups in related industries. Therefore, there may be some correlation between economic activities and innovation. It is of great significance to understand the impact of economic activities and analyze the influencing factors of innovation performance for how to better promote innovation. This paper increases the consideration of the impact of non-public issuance on innovation, and further find out the impact mechanism of innovation. Although there is positive relationship between non-public issuance and invention patents and utility models, with the relationship with utility models is significant at the 5% level, considering the endogeneity of this relationship remains significant only in the DID model. In the sub samples of non-public issuance plans, the success of issuance also becomes insignificant. Under the instrumental variable method, the conclusion of the benchmark model is supported, and in the sub samples of non-public issuance plans, the success of issuance is still not significant. In the lag phase inspection, non-public issuance promotes the improvement of utility model patents in enterprises. The asset liability ratio of enterprises has certain positive moderating effect on the relationship between non-public issuance and corporate innovation, but this effect only holds across the entire sample range. In the subsample, this conclusion is not true. The moderating effects of R&D ratio, whether there are cash transactions, and whether major shareholders participate are not significant. Companies with low public offering price ratios, i.e. those with high discounts, may experience a decrease in their innovation after successful issuance. These companies are relatively inferior in the market and attract non-public investors with high discounts. They cannot create good innovation, while good innovative companies have lower discounts on non-public offerings. After raising funds, companies increase their R&D, Promote further innovation achievements.