Open innovation has become one of the hotspots of innovation management. However, previous literatures have focused on inbound open innovation, and paid less attention to outbound open innovation. Based on the data of 176 high-tech companies in 2010-2012, this paper analyzes the relationship between innovation openness and firm performance from the perspective of patent technology licensing. The results show that the degree of openness is not enough for Chinese firms so that the breadth of openness has no significant effect on financial performance and innovation performance, while the depth of openness takes an inverted U shape with both financial performance and innovation performance. Enterprises can improve the innovation performance and financial performance by adjusting the depth of openness and optimizing the relationship between breadth and depth of openness.