This paper chooses the small and medium-sized enterprises(SME) in China as research objects. It redefines the innovation capital and its factors based on the model of the innovation value chain. Besides, it adopts the confirmatory factor analysis(CFA) and structural equation model analysis(SEM) to test the validity of the innovation capital four-factors model and the impact of the innovation capital on the growth performance of the SME. The results show that the innovation capital has remarkably positive impacts on the SME’s growth performance. The mechanisms of the innovation culture, innovation mechanisms, innovation products, innovation capacity and so on have different impacts on the SME’s growth proformance, so SME should recognize and cultivate these innovation capital factors. By integrating the innovation value chain, enterprises can promote the value creation ability of the innovation capital and the positive growth of SME.