Based on the fact that external investors are becoming more and more important in improving the technological efficiency of enterprises while the current studying situation is relatively scarce，using 280 Chinese private-owned listed companies from 2004 to 2016 as research sample，the paper studies the relationship of strategic investors and financial investors with corporate dividend policy and technical innovation from the perspective of the former. The results show that the strategic investors can significantly improve the technical efficiency of the enterprise，restrain the cash dividend but promote the stock dividend. Financial investors have inhibited the improvement of the enterprise’s technical efficiency，but they have obvious promotion effect on cash dividend and stock dividend. With the regression analysis of external investors and technical efficiency under different dividend policy，it is found that cash dividends and stock dividends both strengthen the role of strategic investors in promoting technical efficiency and financial investors in inhibiting technical efficiency. When strategic investors and financial investors exist at the same time，cash dividend has a negative reversal effect，while stock dividend has a positive promotion effect. Further test of intermediary effect shows that cash dividend is a complete intermediary variable between external investors and technical efficiency， and stock dividend is part of the intermediary variable between external investors and technical efficiency.