Abstract: As the main body of innovation, improving the innovation performance of enterprises can provide an internal driving force for building an upgraded version of China's economy. However, how to improve the innovation performance of enterprises is a major problem perplexing the theoretical and practical circles, as well as a hot spot of academic research. Based on the micro data of non-financial A-share listed companies in Shanghai and Shenzhen from 2007 to 2017, this paper empirically analyzes the impact of the financial-industrial integration on enterprise innovation performance, and brings the institutional environment and property right nature into the analysis framework. The research shows that the financial-industrial integration can improve the innovation performance of entity enterprises, that is, the financial-industrial integration significantly increases the number of patent applications, especially the number of invention patent applications, but the number of non-invention patent applications does not increase significantly, and this phenomenon is more obvious in private enterprises. Optimizing institutional environment is conducive to strengthening the role of the financial-industrial integration in promoting enterprise innovation performance, and this phenomenon is more obvious in private enterprises. The results of the extended analysis show that the improvement of innovation performance can significantly improve the future business performance of entity enterprises, especially the increase of invention patents. The financial-industrial integration is more conducive to improving the actual transformation efficiency of innovation achievements of private enterprises, and the optimization of institutional environment can strengthen the promotion effect.