中文摘要：

利用我国第一批创业板上市前后企业的数据,考察创业板推出对上市企业融资约束与研发投入强度的影响。研究发现：与上市前相比,企业登陆创业板之后,融资约束有所缓解,但随着上市时间的延长,企业融资约束程度又有上升的趋势;企业登陆创业板对研发投入强度有促进作用,并且在企业上市之后,企业融资约束程度与研发投入强度正相关。从服务对象向科技型中小微企业倾斜、淡化企业业绩方面的要求、尽快开启再融资等方面提出完善我国创业板建设的建议。

英文摘要：

This paper studies the effect of launch of the GEM on corporate financing constraints and R＆D intensity using the before and after listing data of the companies which listed on the GEM first. Results shows that ： firstly, financing constraints have eased after the companies listed on the GEM compared with before they listed, but the financing constraint indices show an rising trend with the extension of listed time for the companies; secondly, the companies listing on the GEM pro- motes their R＆D intensity, and there exists positive correlation between financing constraints and R＆D intensity after the companies listed on the GEM. And it puts forward the suggestions which improve the GEM construction from the aspects of service objects to technology-based micro, small and medium-sized enterprises, diluting corporate performance require- ments, opening refinancing as quickly as possible and so on.