In this paper, the extended C-D production function model is applied to analysis the effect of financial development on enterprise technological innovation with data of industries in Tianjin from 2001 to 2014. The results show that government subsides have played a significant role in Tianjin’s enterprise technological innovation, but it’s effect is lower than enterprise fund. Financial institutions loans has limited impacts on the technological innovation. While stock market financing have not significant effect on technological innovation. Based on the above analysis, the paper put forward some countermeasures such as increasing bank investment in science and technology, enhancing the direct financing ability of enterprises, and increasing government fund for technological innovation.