This paper carries out an analysis of important factors such as technology management capability of small and medium sized companies on the basis of preceding studies. The technology management capability is again analyzed to examine its relationship with characteristics of top management. In this way, a focus is laid on investigating the effects of technology management capability on technology renovation and management performances of small and medium sized companies. The results of the study may be summed up as follows: First, the factor analysis showed that characteristics of top management of small and medium sized companies have influence on the factors of technology renovation management, technical human resources management, technical asset management and technical cooperation management. Second, the analysis into technical management capability of small and medium sized companies indicated that their management performance is affected by the level of their technical management capability. Third, the technology management capability of small and medium-sized companies is found to have impact on their performance of technical renovation.