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Abstract Based on the panel threshold regression model, this paper makes an indepth study on the relationship between the R&D intensity, the innovation speed and the value of Chinese Ashare listed companies between 2010 and 2016. The empirical results show that the impact of the R&D intensity on the value of listed companies has a significant threshold effect. For different range of the innovation speed, the degree and the direction of the impact is not the same. Specifically, when the innovation speed is in the "slow lane", the R&D intensity is significantly negatively correlated with the value of listed companies. When the innovation speed is in the "normal lane", the negative effect of the R&D intensity on the value of listed companies slows down. When the innovation speed is in the "fast lane", the increase of the R&D intensity can bring the value of listed companies up. In addition, nearly 60% of Chinese Ashare listed companies are not optimistic about their innovation capability, and the industrial differences are significant. It is urgent for them to enhance the sense of innovation, increase the R&D investment, and help the innovation enhance the value of listed companies.
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