Through the empirical analysis of the data of 91 listed Chinese pharmaceutical companies from 2008 to 2017 by using Stata15.0, this paper aims to find out the internal relationship and objective laws between R&D intensity and enterprise value in each year in the pharmaceutical enterprises. Results show: There are significantly positive correlation between the each year’s R&D intensity and the selection of enterprise value index Tobin’s q（TQ）, shows that the R&D intensity has a long time-lag effect in enterprise value , and the time-lag effect between the each year’s R&D intensity and the enterprise value shows a trend of inverted U, in the t year, t - 1 year, t-2 year and the t-3 year the time-lag effect between R&D intensity and the enterprise value gradually rise, in the t -3 year the time-lag effect is the strongest, but at the t - 4 year the time-lag effect began to weaken. The results of this study will be valuable data to understand the objective laws between R&D investment and enterprise value of listed pharmaceutical enterprises in China and to promote their reform measures.