本文利用国家统计局编制的中国工业企业数据，基于投资强度和专利制度的双重视角,研究了研发投资对于企业业绩如何产生有效影响的重要问题，结果发现：(1)研发投资与企业业绩之间呈现出显著的倒U型曲线关系，当投资强度低于某一临界值时，研发投资显著提升了企业业绩，当投资强度超过临界值时，研发投资对企业业绩的抑制效应开始显现，二者之间的关系曲线在企业拥有较高人力资本水平下变得更加明显；(2)企业创新成果的专利申请（授权）增强了研发投资对于企业业绩的正面影响；(3)当专利保护的制度环境较差时，研发投资对于企业业绩产生了显著的损害作用，并且这种作用在非国有企业中更加明显。本文研究结果意味着，中国已经处于创新政策调整的窗口期，调整重心应放在如何完善知识产权保护制度，营造公平的竞争环境，以促进企业获取研发收益的内在能力的形成与提升等方面。

Using Chinese industrial firms data from the National Bureau of statistics this paper analyzes the influence of R&D investment on the firm performance. The results show: (1) R&D investment has an inverted U-shaped influence on firm performance, this relationship is deeper in firms with high level of human capital; (2) patent application and authorization strengthen the positive role of R&D investment on firm' performance; (3) when the institution environment is weaker, the R&D investment is harmful to firm' performance, and this effect is more pronounced in non-state-owned firms. This paper extends the theoretical framework for the study of R&D investment economic consequences from the four aspects of investment intensity, innovation behavior and institutional environment, and provides implications for the government .