Under the historical background of innovation driven by manufacturing enterprises, and based on the theory of organizational behavior, this paper explores the impacts of the expected performance feedback effect of manufacturing enterprises on their technological innovation effect, and based on this and in combination with the company development theory and product market theory, it also discusses the situational effects and the joint situational effects between the company development mode and the product market competition. We made an empirical test of the theoretical hypothesis based on the panel data of Chinese listed company from 2001 to 2014, and the results indicate that expected performance feedback effect in manufacturing industry has a positive impact on its technology innovation; and compared to extensive development, the intensive development has more advantages in promoting technology innovation; and product market competition can also strengthen the positive relationship; and finally, the joint situational effect of the intensive development mode and product market competition have a positive moderation effect on enterprise technology innovation as well.