中文摘要：

选取我国148家上市公司2004-2006年数据，从终极股东与中小股东的代理冲突层面，检验了终极股东现金流权与控制权的分离与企业R＆D投资的关系。研究表明，现金流权与控制权的分离程度与企业R＆D投资显著负相关；现金流权与控制权的分离对企业R＆D投资的影响仅存在于高科技企业中，对非高科技业影响不显著。这表明在高科技企业中降低现金流权与控制权的分离程度有利于增加企业R＆D投资。

英文摘要：

By the data between the separation separation between the of 148 listed firms in China from 2004 to 2006, this paper analyzes the relationship of cash flow right and control right and R＆D investment. The results show that the cash flow right and control right is significantly negative with firms＂ R＆D investment, which only exist in the hi-teeh listed firms by further analyses and not in non-hi-tech listed firms. That means ultimate controller is more inclined to acquire self-interest by means of the separation of cash flow right and control right in the hi-tech listed firms.