In recent years, the increasingly fierce competition between enterprises as well as the acceleration of economic globalization and internationalization motivate the product renewal and replacement rate. In this circumstance, research and development (R&D) is vital to the ontinuous enterprise development. Under this background, this paper used the quality of accounting disclosure information as reference to integrate the new accounting standard for enterprises, selected the energy industry public companies as samples to study the correlation between enterprise performance and the R&D investment, and the degree of influences as well as the effects of R&D investment on enterprise performance in order to improve the independent innovation ability of China. This article first reviewed the research works of the local and foreign scholars regarding the correlation between enterprise R&D investment and enterprise performance. And on this basis, the author made an overall introduction and an elementary analysis on the current status of enterprise R&D investments. Then, selected 41 sample companies based on the three-year financial statements (2010 to 2012) of the public companies in the energy industry. On the basis of the R&D investments and enterprise performance research reviews, a more detail description about the evolution history of technological advancement and performance assessments was made, and a further theoretical analysis was derived. After that, references were drawn from the stock intrinsic value model as well as regression analysis model,which were used as the foundation to verify the correlations between the R&D investment and the stock price, operating income, operating profit, operating income growth, and operating profit growth. Finally, based on the empirical conculsions, policy suggestions focused on the low R&D investments status as well as various issues on information disclosure in investment in China were proposed. Limitation and the future aspiration of this article were also discussed.

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