With the development of technological innovation and global economic integration, high-tech enterprises across the world have formed numerous innovation ecosystems with similar natural ecological characteristics. As a result, competition has shifted from single enterprise to supply chain network, and ultimately, to innovation ecosystem, which involves more participants and roles across multiple industries. The current study distinguished two innovation capabilities (internal innovation potential and collaborative open innovation), and two sources of innovation capabilities (internal integration and external integration) along with discussing the specific relationships among integration activities, innovation capabilities, and Hi-tech SMEs’ financing performance. It further explored how interactions between within and cross firm-boundary activities and collaboration exert influence on SMEs’ financing performance and manifested the importance of external collaborative networks to the competitiveness of SMEs.