The theory of innovation factor thinks that regional research and development (R&D) investment directly affects the new product development (NPD) performance of the enterprise, while the theory of innovation efficiency considers that regional R&D investment affects the NPD performance of the enterprise by affecting the enterprise internal R&D efficiency. To test the two-theoretical hypothesis, we match up Chinese provincial-level data with the enterprise data from China industrial enterprise database. The empirical results show that, the theory of innovation factor and the theory of innovation efficiency exist simultaneously. The regional R&D investment can affect NPD performance of enterprises. However, R&D investment of other enterprises in the same region has a beneficial impact on the enterprise internal R&D efficiency. And the regional R&D investment in human resources has a positive effect on the enterprise internal R&D efficiency. According to the conclusions, this paper constructs three policy advices, which are increasing regional R&D investment, expanding and consolidating the enterprise as the core of the status of R&D and increasing regional R&D investment in human resources.