Abstract: Abstract: From the perspective of board capital, this article researches the relationship between board capital ,R&D investment and enterprise's performance based on the Gem listed companies data in China in 2011-2013 as the research sample.the results show that, the board capital has a significant positive effect on enterprise’s performance and R&D investment. Because of the influence of board capital on the R&D investment strategy in different degree, which leads to different R&D investment intensity, eventually forming different innovation results, directly effecting on the enterprise’s performance,the R&D investment has a mediating effect on the board capital and enterprise’s performance.