Abstract: Based on the New Institutionalism Theory, institutional environment or institutional arrangement are the key factors affecting enterprise innovation decision-making and innovation performance. This paper selects the panel data of 159 national level innovative listed enterprises in 36 cities and analyzes the threshold effect of institutional environment on innovative enterprise innovation performance by establishing threshold panel regression model. The results show that:whether it is regulatory environment, regulatory environment or cognitive environment, innovation performance has a double threshold effect of institutional environment.When the institutional environment is at a low level, regulatory environment, normative environment and cognitive environment all have significant promoting effects on innovation performance;when the institutional environment is at the middle value, the promotion of regulatory environment and cognitive environment is significantly enhanced, while the promotion of regulatory environment is gradually weakened; when the institutional environment is at a high value, regulatory environment and regulatory environment have a significant inhibitory effect on innovation performance, while the promotion of cognitive environment is further enhanced.The above conclusions suggest that innovative enterprises in China should actively adapt to the institutional environment to improve innovation performance.

Key words: institutional environment, innovative enterprise, innovation performance, threshold effect