中文摘要：

本文基于2010-2013年国家层面的192家创新型上市企业面板数据，通过构建门槛面板回归模型，从信息不对称和融资结构门槛视角出发，分析了关系型融资对创新型企业R＆D投资的影响。结果表明：关系型融资对创新型企业R＆D投资的影响存在显著的门槛效应。当企业信息不对称程度较高时，关系型融资对创新型企业R＆D投资具有显著的正向促进作用，当企业信息不对称程度较低时，关系型融资对创新型企业R＆D投资产生了负面影响；当企业融资结构处于较低或中间值时，关系型融资对创新型企业R＆D投资的作用效果显著为正，当企业融资结构较高时，关系型融资对创新型企业R＆D的作用效果显著为负。

英文摘要：

Based on the panel data of 192 national-level innovative listed enterprises during the period between 2010 and 2013, by estab- lishing threshold panel regression model, this paper analyzes the effect of relationship financing on R＆D investment of innovative enter- prise from the perspective of information asymmetry threshold and financing structure threshold. The results show that： there is a signifi- cant threshold effect between relationship financing and R＆D investment of innovative enterprise. When the enterprise information asym- metry is in a high level, the relationship financing has a significant positive effect on R＆D investment of innovative enterprise, and when the enterprise information asymmetry is in a low level, the relationship financing has a significant negative effect on R＆D investment of innovative enterprise. When the enterprise financing structure is in a low or middle level, the relationship financing has a significant posi- tive effect on R＆D investment of innovative enterprise, and when the enterprise financing structure in a high level, the relationship finan- cing has a significant negative effect on R＆D investment of innovative enterprise.