中文摘要：

企业融资难的主要原因之一是信息不对称，政府对企业的研发资助可能在帮助企业释放相关信号方面起到一定的作用。本文以深市科技创新上市公司为样本，运用倾向得分匹配模型（PSM），在避免样本选择偏误的前提下，实证研究了政府研发资助对企业外部融资的影响。结果表明：政府研发资助有助于企业获得债务融资，但对股权融资水平未能产生显著影响。研究结论为解决企业融资难问题提供了新思路，同时有助于相关政府研发资助政策的制定和执行。

英文摘要：

The main reason of enterprises＇ financing difficulties is information asymmetry, the public R＆D subsidies can help the enterprises to send signals about their qualities. Using propensity score matching （PSM） and the Shenzhen SE listed technological companies as a sample, this paper analyzed the influence of public R＆D subsidies on external financing. It is found that the public R＆D subsidies can improve the debt financing, but not the equity financing. The results provide a new idea to solve the financing constraint, and can also help the making and delivery of pilblic R＆D subsidies policies.