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Abstract R＆D investment plays a vital role in the growth of high-tech enterprises, so the influence of R＆D investment on an enterprise＇ s performance has always been the focus among scholars. In this paper, the panel data of 71 listed high-tech enterprises between 2003 and 2007 are used to analyze the effect of R＆D investment on their performance, and it is found out that there is a positive relationship between R＆D investment and enterprise performance, and R＆D investment does not exercise delayed influence on enterprise performance. So it is suggested that the local governments increase their financial support for technical innovation, the high-tech enterprises＇ management system be further improved to strengthen their capacity of turning R＆D investment into productive forces, and high-tech enterprises pay attention to the potentials of technical innovation in R＆D investment.
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2009, Vol. 11 
