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中文摘要：
基于研发投资具有异质性的角度，把研发投资分为探索式创新投资与开发式创新投资，从这两个角度研究企业的融资约束与资金来源问题。实证结果发现：（1）企业存在研发投资-现金流敏感性，进行研发投资的企业普遍存在融资约束问题。（2）探索式创新企业的研发投资一现金流敏感性大于开发式创新企业，探索式创新企业研发投资引起的融资约束程度高于开发式创新企业。（3）探索式创新企业极其依赖于内源融资，而股权融资也是其必要的补充，但得不到债权资金的支持；开发式创新企业的外源融资是其主要资金来源。
英文摘要：
Based on the R＆D heterogeneity, R＆D investment is divided into exploratory innovation investment and exploitative innovation investment. In this paper, financial constraints and funding sources were investigated from two perspectives. Empirical results show that： （1） There is R＆D investment-cash flow sensitivity in the corn- pany. This is a widespread phenomenon of financial constraints in the companies. （2） The R＆D investment-cash flow sensitivity is larger for exploratory innovation compared to exploitative innovation. This means financial con- straints caused by the exploratory innovative companies R＆D investment is far greater than the exploitative innova- tive companies. （3） The exploratory innovative companies rely on internal financing, and equity financing is also necessary complement for them. But they do not receive the support of debt funds. The main funding sources for the exploitative innovative companies is external financing
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