This article investigates the transmissive effects of credit supply and term structure on innovation efficiency of listed firms of Guangdong and Kong Hong area using panel data. The list firms in Kong Hong obtain greater credit supply from financial institutions than that in Guangdong，innovation efficiency of listed firms in Kong Hong is larger than that in Guangdong. Credit supply and its term structure from financial institutions can effectively promote the innovation efficiency of listed firms in Kong Hong and Guangdong，the impact of long-term credit supply on innovation efficiency of listed firms is obviously better than that of short-term，and the effect of credit supply on innovation efficiency of listed firms in Kong Hong is obviously weaker than that in Guangdong. Moreover，research and development intensity and firm age in Guangdong have positive impacts on innovation efficiency of listed firms，firm size and age in Kong Hong have positive impacts on innovation efficiency of listed firms.