Abstract: Based on Resource Based View（RBV） and the theory about acceleration trap in R&D, the relationship between applied patents, including invention, utility model, design, and subsequent on the company performance are studied. Patent application data from 1999 to 2005 and the financial data from 1999 to 2006 in 111 Chinese listed mechanical manufacturing companies are used to perform regression analyses. The results reveal a invert-U relationship between the number of applied patents for invention, for utility model and subsequent on the operating profit and also a invert-U relationship between the number of applied patents for utility model, for design and subsequent on the operating income, which mean that if the patent output level is too high , company performance will be deteriorated rather than be further improved, in other words, acceleration trap does exist in Chinese listed companies’ patent R&D activity. The instructive significance of the research is to promote correct patent R&D plan and improve R&D output efficiency.

Key words: patent, performance, technology innovation, R&D, acceleration trap