This paper first presents relevant hypotheses through literature review, clarifies the data sources and sets the relevant variables. Then, by conducting a regression analysis on the panel data of 181 innovative and start-up enterprises regarding their R&D investment and performance indicators, it is concluded that there is a non-linear relationship between R&D investment and enterprise performance. Short-term R&D investment inhibits enterprise performance, while long-term R&D investment promotes enterprise performance. Finally, based on the research results that the relationship between R&D investment and enterprise performance is non-linear, relevant suggestions are proposed.