The paper analyses relationship between external financing constraints of foreign enterprises，export and innovation，and compares with the results of the state-owned enterprises and private enterprises by using the data of industrial enterprises from 2005-2007，through establishing the simultaneous equations model of loop structure. We use bank credit and commercial credit to measure enterprise financing constraints. The results show that the ease of bank constraints of foreign enterprises will effectively improve export and innovation，and export also can ease its bank constraints of foreign enterprises；and commercial credit also can ease its bank constraints of foreign enterprises，export can ease commercial credit，but innovation have little effect on the ease of commercial credit and China’s private enterprises suffer the most serious banking and credit constraint，foreign-funded enterprises follows；and state-owned enterprises suffer the least serious constraint. External financing constraints ease can promote the export of the foreign capital enterprise and innovation，on the other hand，the export of the foreign capital enterprise and innovation also can alleviate the exogenous financing constraints. As a consequence，easing the financing constraints of foreign enterprises has practical significance，there should be a systematic guarantee that production factors are used legally and coequally by different ownership enterprises.