中文摘要：

文章以我国企业转型升级和R＆D价值创造为基础,通过问卷研究了我国企业R＆D投入的困境与R＆D资源获取的成本关系,信息不对称与R＆D融资渠道的摩擦力。得到的主要结论是：对于粗放型发展中成长的＂虚胖＂企业,需要加大研发来瘦身;企业寄期望的R＆D融资渠道并不畅通,原因是严重的信息不对称导致信用缺失,出现很大的摩擦力。对此,企业需要首先通过自有资金,分步骤地通过R＆D价值创造来取得不同阶段R＆D融资的信用证明,并通过研发合作网络,才能有效地降低获取R＆D资源的成本并不断地积累企业研发价值创造的知识。

英文摘要：

China＇ s enterprises face many challenges to reconstruct, upgrade and make R＆D value creation. The paper studies difficulties in R＆D investment and costs of R＆D resources acquisition, information asymmetry and frictions of R＆D financing channels by questionnaire investigations. The main conclusions include that enterprises with ＂ puffiness＂ grown in rough-type development need to increase R＆D investment to keep fit; the desired R＆D financing channels are not open for many companies, due to severe information asymmetry leading to the lack of credit. In response, companies need to achieve R＆D value step by step to obtain R＆D financing credit at different stages of R＆D processes firstly through its own funds, and can effectively reduce costs of R＆D resources acquisition and accumulate corporate R＆D knowledge of value creation through R＆D cooperation network.