中文摘要：

创新是经济长期增长的源泉。然而,相对于创新对经济增长的重要性,企业对研发活动的投资却不足。探讨哪些因素影响企业的研发支出具有重要意义。理论分析表明,融资约束会影响企业的研发支出,这种作用会受到企业规模和所有权性质的影响。基于2009—2013中国制造业上市公司数据的实证研究发现,企业的研发支出会显著受到融资约束的影响;但进一步分析表明,融资约束对研发支出的限制作用主要表现在小企业以及非国有控股企业里。稳健性检验表明,这些结果不受样本选择的影响。

英文摘要：

Innovation is the source of long- term economic growth. However, with respect to the impor- tance of innovation on economic growth, the investment on R＆D activities is lack. It has important mean- ing to discuss the factors which affect the enterprise R＆D expenditure. Theoretical analysis shows that the financing constraints will affect the corporate R＆D expenditure and this role will be influenced by corpo- rate size and ownership. Based on the data of Chinese manufacturing listing corporations between 2009 and 2011, the empirical study finds, that corporate R＆D expenditure will be significantly affected by fi- nancial constraints; but further analysis shows that the financing constraints on R＆D expenditure mainly exists in small enterprises and the enterprises are not controlled by the country. Robust test shows that the results are not affected by sample selection.