中文摘要：

初创企业具有经营时间较短、规模较小、资源匮乏等劣势。传统关于初创企业研发强度与绩效关系的研究，忽略了企业科研成果转化能力对两者关系的影响。基于初创企业的特殊性，以科研成果转化能力为门限变量，构建研发强度与绩效关系的面板门限模型。实证结果表明，科研成果转化能力对研发投入强度与绩效关系的影响存在双门限效应。当初创企业科研成果转化能力小于门限值17％时，研发投入强度与绩效呈显著负相关；当初创企业科研成果转化能力介于门限值17％～45．7％时，两者存在正相关关系；当创业企业科研成果转化能力高于门限值45．7％时，两者呈显著负相关。

英文摘要：

The characteristics about new corporate is short time to set up, small scale, lack of the source. How to keep sustainable development research and innovation ability has become important. The traditional study on the relationship between entrepreneurial corporate R＆D strength and enterprise performance, ignoring the influence of the transformation of achievements in scientific research. This article based on the particularity of new ventures, with the transformation of achievements in scientific research as the threshold variable. Using panel threshold model to construct the relationship between t R＆D and performance. The empirical results show that ：the impact of the transformation of achievements in scientific research on the relationship between strength and R＆D investment performance of double threshold effect. The transformation of achievements in scientific research enterprise is less than the threshold value 17%, R＆D intensity and performance significantly negative correlation ;the threshold of 17% and 45. 7%, there is a positive correlation between higher than the threshold value ;45. 7%, relationship between the two is significantly negative. In this paper, the venture enterprises need to combine with their own conditions to carry out R＆D investment to provide practical guidance.