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.

摘要： 摘要：以2011—2013年我国创业板上市公司数据为研究样本，从董事会治理视角，探讨董事会资本、R&D投资和企业绩效之间的关系，结果表明，董事会资本对企业绩效、 R&D投资有显著的促进作用。由于董事会资本对R&D投资战略的影响程度不同，进而导致R&D投资强度的不同，最终形成了不同的创新结果，直接作用于企业绩效，因此R&D投资对董事会资本与企业绩效具有中介效应。