The lack of financing scale and low financing efficiency of higher education has been a difficult problem for the development of colleges and universities for a long time. Strengthening the research on the financing performance of various higher education financing methods will help colleges and universities choose different financing methods at different stages of development and constantly optimize the financing combination. By discussing the sources of the financing innovation performance of higher education from the factors aspects of cost, system, structure, ability and risk, the financing innovation performance of different financing channels at the present stage is tested. Firstly, based on the analysis of influencing factors of education financing innovation, it expounds the evaluation factors of higher education financing innovation performance and establishes an empirical model of the relationship between influencing factors and innovation performance. Then, we verify the conceptual model and hypothesis by analyzing the structural equation based on the sample data. Finally, we take measures on the different influences of different means of higher education financing through multiple linear regression analysis. The result shows that the financing performance of public finance allocation is the most significant; the next one is university operation income, and then the sharing fees for education cost, etc. Constructing a robust and diversification financing channels is conducive to relieve the pressure of relying solely on government appropriation in higher education for a long time. The continuous optimization of the financing combination is conducive to the construction of stable and diversified financing channels for colleges and universities, and alleviates the long-term pressure for China's higher education that is mainly relying on government funding.