Abstract: The technology innovation voucher policy is an indirect government assistance policy that encourages the innovative development of small and medium-sized enterprises (SEMs) and achieves economic growth. Taking 923 science and technology SMEs on the SME board and GEM from 2016 to 2020 as samples, the policy effect and mechanism of science and technology innovation vouchers on enterprise innovation performance were explored, and a Mesomeric effect model test was conducted. The results indicate that the companies using innovation vouchers have higher future innovation performance, that is, technology innovation vouchers have a significant positive impact on innovation performance; R&D investment has a Mesomeric effect in the relationship between innovation vouchers and innovation performance. Through the endogeneity test using the PSM (property score matching) method, it is still confirmed that innovation vouchers have a positive impact on innovation performance. In view of the low collection rate of scientific and technological innovation vouchers, in order to attract more enterprises to use the policy advantages of innovation vouchers to improve their scientific and technological R&D innovation ability, it is recommended that the government simplify the review procedures for SMEs to receive scientific and technological innovation vouchers; Encourage third-party participation in the promotion and management of innovation vouchers; Fully utilize limited social resources and leverage the development of technological innovation allocation in enterprises.