Abstract: Considering of different financial policies have different influences on firm innovation, this paper divides the financial policies into direct government subsidy and tax reliefs, and defines the innovation output as the market-oriented innovation output and non market-oriented innovation output. On the basis of 2777 high-tech firms in Zhongguancun Science and Technology Park, we examine the moderating effects of firm age and firm size on innovation output. The empirical evidences show that direct government subsidy contributes more to the non market-oriented innovation output, while tax reliefs have a stronger effect on market-oriented innovation output. Besides, the findings suggest that direct government subsidy positively and significantly influence the new firms’ innovation output. Tax reliefs fails to enhance innovative economic performance of new firms, it sometimes even negatively affect it. Firm size is unrelated to the relationship between financial incentives and innovation output. Our research provides some theoretical basis for government to optimize financial policy system to high-tech firms, and is advantageous to promote the development and innovation of high-tech industry.