This paper uses two-way fixed effect model to analyze the relationship between R&D investment and enterprise performance by taking the sample of 2010--2014 GEM listed company's balance panel data. And then, it test the moderating effects of Board members Incentive. The results show that R&D investment has negative effect on firm’s current performance, but with the R&D investment to play an active role in the performance of its negative influence diminished in a lag period, two period lag a positive effect on business performance. The board of directors salary incentive is adjusting effect to the relationship between the two, equity incentive effect on the relationship without adjustment, shows a reasonable salary incentive can effectively promote the efficiency of enterprise R&D investment, then improve the business performance.