[Purpose/Significance] Intellectual property capability is the key to break through the development bottleneck and enhance the competitiveness of knowledge intensive cultural enterprises. This paper explores the impact path of different intellectual property capabilities on the innovation performance of cultural enterprises, so as to provide countermeasures and suggestions for improving the innovation economic and social benefits of cultural enterprises.[Method/Process] It made an empirical research on the impacts of cultural enterprises' intellectual property capabilities on their innovative economic benefits and innovative social benefits based on the data of questionnaires from cultural enterprises in China with the structural equation model. [Result/Conclusion] The results show that four dimensions of intellectual property capability of cultural enterprises have significant direct influences on innovation economic performance, and the capabilities of creating and protecting intellectual property of cultural enterprises have significant indirect effects on innovation economic performance under the mediating role of the capabilities of managing and applying intellectual property; The capability of managing intellectual property of cultural enterprises has a significant positive and direct impact on innovation social performance; The capabilities of creating and protecting intellectual property have significant positive effects on innovation social performance of cultural enterprises under the mediating role of the capability of managing intellectual property.