High-tech industry is a focal point on the advances of national economy during the economic transformation period, which is playing an increasingly significant role in economy and society in China. Based on previous studies, using the data of 27 provinces and cities of China from 2005 to 2009, we build up a panel data model based on CD production function. The paper explores the impact of R&D input in high-tech industry on innovation performance of new products. The results of the study show that the R&D input has a strong positive correlation with innovation performance. Besides, we compare the results of different areas over a long period and study the results from Error Correcting Model. Finally, recommendations and suggestions are given.