Abstract:Financing constraints is the key factor to influence Technical Capital Allocation, because of agency problem; corporate governance will also affect the level Technical Capital Allocation. We chose research data that came from Chinese listed high-end manufacturing firms’ 2009-2013 years’ records and tested the relationship between financing constraints and technical capital allocation based on corporate governance. Results show that :(1) the relationship are significantly positive between technical capital and market performance; the relationship between technical capital and finance performance are significantly negative. Corporate governance has moderating effects on both market performance and technical capital, no obvious effects on both finance performance. (2)Technical capital allocation existed certain financing constraints problems and relied on internal cash flow. Corporate governance and financing constraints all affected the degree of reliance internal cash flow. (3)In terms of external financing, enterprises preferred external equity financing to external debt financing. Corporate governance influence technology capital allocation's dependence on external equity finances; Financing constraints affect the technology capital allocation dependent on external debt financing. (4)Financing constraints and technical capital was significantly negative. Corporate governance affected the degree on both.