It seems required to determine what might affect the technological innovation activities of manufacturing companies and what kind of role they could play for them to carry out technological innovation activities in an effective way. The objective of the present study is thus to conduct a depth empirical analysis of the structural relations among business environment, technological innovation activities and performance of manufacturing companies. From the analysis, following outcomes could be drawn: First, with regard to the relationship between business environment and technological innovation activities of manufacturing companies, it has become clear that the external environment is a factor that can influence technological innovation activities such as management of technical property, technological innovation system as well as technical network, while it exercises no impact upon adaptation of manufacturers to new technologies. The internal environment, on the other hand, turns out to have influence on such overall factors of technological innovation activities as management of technical property, technological innovation system, adaptation to new technologies and technical network; and Second, as for the relationship between technological innovation activities and their performance, it has been obvious that management of technical property and technological innovation system, both factors of technological innovation activities, affect the performance of product development and financial achievements of manufacturing companies. Their adaptation to new technologies will also affect their performance of product development as well as financial achievements. These findings suggest that it is important for manufacturing companies to set up an operating system that may be able to upgrade the practical applicability of their technological development activities in an attempt to promote performance of their technological innovation activities.