中文摘要：

创新是企业生存和持续发展的根本，而融资支持一直被认为是促进企业创新的重要因素。文章运用FCM聚类法对我国装备制造企业进行了战略群组划分，并对比分析了创新战略群组和其他战略群组融资约束程度和盈利能力的差异，研究发现：我国装备制造业仅0．08％企业选择了创新差异化战略，0．43％企业选择了营销差异化战略，14．17％企业选择了成本领先战略，而85．32％企业都没有明显的战略倾向；创新型企业现金持有最低，负债率最高，获得外部融资支持，但群组平均利润率为负，盈利能力差。创新型企业的高研发投入、高外部融资支持并没有高利润回报，这应是我国企业创新动力不足的重要原因。

英文摘要：

Innovation is the basis for survival and sustainable development of enterprises, and financing support has always been considered as an important factor to promote enterprises＇ innovation. Using FCM clustering method, this paper divided the strategic groups on equipment manufacturing enterprises of China, then compared the difference of financing constrains and profitability between innovation groups and other strategic groups. The results show that only 0.08% of Chinese equipment manufacturing enterprises choose innovation-differentiation strategy, 0.43% choose marketing-differentiation strategy, 14.17% choose the low cost strategy, while 85.32% enterprises have no obvious strategic orientation; Innovative enterprises have the highest external financing support but the poor profitability. With high R＆D investment and high external financing support, but innovative enterprises get low profit, and this should be the important reason for the lack of innovation power of our country＇ s enterprises.