中文摘要：

同跨国公司相比，国内企业的融资能力受到资本市场的限制，这削弱了其参与研发竞争的能力。本文建立了一个动态博弈模型来分析这一状况。研究表明，跨国公司存在一种研发竞争策略，即通过更激进的产品市场攻势，来对国内企业施加融资限制，进而扩大其研发竞争优势。这一策略增加了跨国公司垄断技术产品市场的可能性。

英文摘要：

Compared with multinational corporations, China＇s domestic firms are faced with more financing constraints. This may weaken their capacities to be engaged in R＆D competition. We build a dynamic game model to formalize this situation. Our results show that there is a R＆D competition strategy, by which multinational corporations are engaged in more aggressive product market competition to impose stronger financial constraints on domestic firms, so that they can increase their advantage in R＆D. This strategy can increase the probability that multinational corporations monopolize product markets.