智力资本对创新绩效具有直接影响，处于不同生命周期阶段的企业，智力资本构成要素对创新绩效的影响表现不同。本文根据面板数据模型和修正的智力增值系数(MVAIC)，利用2007-2012年中国上市公司的面板数据，对企业不同生命周期阶段智力资本及各个要素与创新绩效的关系进行实证研究。结果表明：智力资本投资在企业的各个生命周期阶段对创新绩效表现显著正向作用；人力资本投资在企业各个生命周期阶段对创新绩效影响较小，在成长期表现为负向作用，流程资本、关系资本和创新资本投资在企业各个生命周期阶段对创新绩效表现显著正向促进作用；在成长期和衰退期，创新资本投资的影响系数较大，在成熟期，关系资本投资的影响系数较大。研究结果为处于不同生命周期阶段的企业进行创新投资决策提供实证依据。

Intellectual capital plays different roles in innovation performance in different life cycle stages of enterprise. According to the panel data model and the modified value added intellectual coefficient and the panel data of the Chinese listed companies from 2007 to 2012, this paper empirical study of the relationship between the intellectual capital and innovation performance of the enterprise in different life cycle stages. The results show that the total investment intellectual capital of enterprise has a significant positive effect on innovation performance in the life cycle stages. Human capital investment in the life cycle phase has little impact on innovation performance, even a negative role in growth period. Process capital investment, relational capital investment and innovation capital investment plays a significantly positive role of innovation performance respectively in the life cycle. In the growth and decline stages, innovation capital investment effect coefficient is larger than others. In the mature stages, relationship capital investment effect coefficient is larger than others. The conclusion of the research provides empirical basis of innovation performance and investment decision-making reference for enterprises in different life cycle stages.