Abstract:Based on the data of high-tech enterprises companies involving six industries from 2012 to 2018, this study studies the relationship between the capital structure and performance of enterprises under different R&D intensity. The results show that there is a double threshold effect between the two, with thresholds of 2.500 and 9.280 respectively. Under the low level and high level of R&D intensity, the negative effect of the asset liability ratio on the business performance is lower, while the negative effect of the middle level is higher. And the negative effects of the three ranges are much lower than the negative effects when there is no R&D investment variable. Therefore, on the one hand, it shows that there is an optimal range of R&D investment, and on the other hand, it shows that R&D investment does help to weaken the negative impact of asset liability ratio on performance. In the study of other factors, it is also found that factors such as enterprise size and profitability also have non-linear effects on business performance. Enterprises should regularly test these indicators to ensure that they are kept within the optimal range and improve their performance in an all-round way.