Abstract In traditional financing paths, small and medium size technological companies are difficult to get financial support. The emergence of private equity fund strongly promoted technological companies' development and at the same time private equity fund got satisfactory return. The author made an empirical research of 69 small and medium size enterprises supported by private equity fund and found that executive compensation ratio, average compensation, shareholding ratio and average shareholding don't influence enterprise growth strongly, but executive compensation variance and stockholding variance are positively connected with enterprise growth, which accords with Championship effect.