中文摘要：

本文分无融资约束和融资约束两种情况，讨论了企业出口和研发投资之间的互补效应和替代效应，并使用世界银行对中国企业投资环境的调查数据，实证检验了融资约束对出口与R＆D投资之间两种效应的影响程度。结果表明：融资约束抑制了出口与R＆D投资之间的相互促进作用，随着融资约束的增加，企业不能既出口又进行R＆D投资，只能二者择其一。这一微观企业层面的研究发现，折射了我国金融发展相对滞后是阻碍我国经济转型的一个重要原因，从微观层面解释了为何我国出口的高速增长没有带来经济转型。

英文摘要：

This article discusses the complementary and substitution effects between export and R＆D investment underthe conditions of no financing constraints and financing constraints, and uses the Chinese enterprises investment environmentsurvey data released by the World Bank, empirically tests the impact degree of financing constraints on the two effects betweenexports and R＆D investment. The results show that financing constraints inhibit the interaction between the role of the exportsand R＆D investment, companies can not export and R＆D investment at the same time; with the increase of financing con-straints, the alternative courses of action is only one. The empirical results from the micro level to explain why the rapidgrowth of China＇s exports did not bring about economic transformation. Of the micro enterprise level study found that the Refraction of China＇s financial development is lagging behind, trade policy is biased.