Abstract:    As required by the innovation driven development strategy, how to use technological innovation capability to drive enterprise internationalization has become an important practical problem to be solved urgently. This study took Chinese manufacturing listed enterprises as the research objects and used the panel data regression model to investigate the impact mechanism of technological innovation capability on enterprise internationalization under dual financing constraints. It was found that (1) technological innovation capability has a significant positive impact on the enterprise internationalization; (2) external financing constraints have a negative moderating effect on the relationship between technological innovation capability and enterprise internationalization, while internal financing constraints have a positive moderating effect on the relationship between technological innovation capability and enterprise internationalization. Further research also found that (1) the higher the quality of internal control, the stronger the positive effect of technological innovation capability on the enterprise internationalization; (2) compared with state-owned enterprises, the technological innovation capability of private enterprises has a stronger promoting effect on internationalization. This paper has provided some empirical evidence for the study of the relationship between dual financing constraints, technological innovation capability and enterprise internationalization. It will not only effectively expand the research content of enterprise internationalization literature, but also provide reference for the formulation of enterprise internationalization strategies.

Key words: technological innovation capability, dual financing constraint, enterprise internationalization