中文摘要：

创新需要大量的资源投入研发活动，企业冗余能否作为资源来源促进企业研发投入是本文的研究问题。本文以2010—2012年我国非金融类A股上市公司为研究样本，实证检验了组织冗余对企业研发投入的影响。研究发现，组织冗余资源对企业研发投入具有显著的促进作用。进一步研究发现，市场竞争作为一种外部监督治理机制，能够缓解冗余资源持有和利用中的管理层代理问题，缓解创新融资约束，促进组织冗余对企业研发投入的作用。本文的研究结论丰富了企业研发投入的研究成果，为组织冗余的积极作用提供了新的证据。

英文摘要：

Using the A-share listed companies in 2010 -2012 as samples, this paper studies whether internal slack resources can promote corporate R＆D investment. Further, this paper investigates that as an external governance mechanism, whether the product market competition can effectively promote corporate to allocate organizational slack to R＆D investment. The empirical results show that ： （ 1 ） The Organizational Slack has a significant impact on corporate R＆D investment, namely organizational slack can promote the corporate R＆D investment. （2） As product market competition intensifies, the positive effect of organizational slack on R＆D investment will be enhanced. Product market competition has a positive moderating effect on the relationship between organizational slack and corporate R＆D investment. This paper demonstrates that organizational slack can play a positive role, and enriches the finds on the effects of corporate R＆Dinvestment.