121 university's libraries in China during 2011-2016 were involved in present research as samples and a panel data regression analysis was conducted on the relationship between levels of these universities, annually expenditure of university libraries attached to them and the capability of the knowledge innovation of these universities based on a theoretical perspective of hierarchal social epistemology. Findings of this research include that： a) There is a significant difference existed among various level of universities. b) The yearly expenditure for university libraries improved the knowledge innovation of the university significantly while the levels, area and size of these universities under control. c) Total expenditure and the ratio of the types of the information resources, printed and electric, influenced the knowledge innovation of the universities significantly. The findings of this research are expected to enrich the hierarchal social epistemology and shed light on the evaluation of information bases of universities' knowledge innovation.