The ordered-probit regressions model is applied in this paper to explore the relationship among external financing, firm size and technological innovation of listed companies, and the effects of financial development and external financing on different firm's size are further discussed. Based on the empirical investigation on firm-level dataset of Chinese listed company in A-share stock market from 2007 to 2010 and the generalized variable of companies' technological innovation manually collected, the following conclusions are come to: firstly, increasingly convenient external financing has a significantly positive effect on firms' technological innovation; secondly, there is an inverse U relationship between firm size and technological innovation of listed companies; and thirdly, the financial development and external financing have a more positive effect to the technological innovation of small-scale firms.
Key words
external financing /
firm size /
technology innovation
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