Abstract: Financing difficulty of SMEs is the main problem for them, which restricts their survival and development. We take two technological SMEs as research objects, from the perspective of credit field, the mechanism of institutional entrepreneurship behavior on firms’ equity financing is explored. Based on the field research of two technological SMEs which have already accomplished two to three rounds of equity financing successfully, we find that the institutional entrepreneurship has positive effect on the establishment and expansion of credit field; moreover, the credit field acts as intermedium between investors and enterprises. A model of " institutional entrepreneurship - credit field - equity financing” is established in this paper, which takes credit field as a mediator variable, and explains the working process to connect institutional entrepreneurship and equity financing, which may inspire the similar enterprises to connect with capital more efficiently.