Abstract: Based on the SME (small and medium enterprises) Technology Innovation Fund, which is an important innovation subsidy policy, the effectiveness of different patterns of innovation subsidy is examined from the perspective of innovation output And on this basis, the moderating effect of institutional environment of intellectual property protection and financial development level on SMEs′ technological innovation output is explored Results show that compared with interest free bank loans, appropriation is more effective on SMEs′ technological innovation output And the higher level of intellectual property protection, the more remarkable effect of appropriation to the promotion of SMEs′ technological innovation output; the higher level of financial development, the more remarkable effect of interest free bank loans to the promotion of SMEs′ technological innovation output

Key words: innovation subsidy, technological innovation output, intellectual property protection, financial development level