There is a close relationship between financial reform and enterprise innovation. To clarify the logic of the relationship benefits the government,this paper evaluates the policy effect of 12 experimental areas of financial comprehensive reform by using multi-time DID model and the regional panel data from 2010 to 2019.The results show that: (1) The pilot area of financial comprehensive reform can promote enterprise innovation, and the comprehensive index of enterprise innovation in the pilot city has been improved significantly. (2) The more developed the financial system, the greater the degree of promoting enterprise innovation. The financial system can have a positive impact on enterprise innovation by easing financing constraints . (3) The experimental area of financial comprehensive reform can effectively lower the risk and develop the technology of enterprise innovation.