A liquid ejecting apparatus includes: a modulation circuit that generates a modulated signal obtained by performing pulse modulation on a source signal; a transistor that amplifies the modulated signal to generate an amplified modulated signal; a lowpass filer that smoothes the amplified modulated signal to generate a driving signal; a piezoelectric element that is displaced when the driving signal is applied; and a circuit substrate on which the modulation circuit, the transistor, and the lowpass filter are mounted. The transistor includes a die, a first electrode, a second electrode, a third electrode, a conductive die pad, a first lead which is electrically connected to the second electrode by a bonding wire, and a second lead which is electrically connected to the third electrode by a bonding wire. The die pad, the first lead, and the second lead are electrically connected to different wiring patterns of the circuit substrate.