中文摘要：

运用2009～2012年中国工业上市公司数据,采用两阶段计量方法从缓解融资约束的角度实证检验政府补助影响企业研发效率的内在机理。研究发现：第一,政府补助对企业融资约束具有显著的缓解作用;第二,融资约束的缓解有利于企业研发规模效率的提高,同时降低了企业研发纯技术效率,并最终对企业研发综合效率产生微弱的负面影响。

英文摘要：

Based on the data from 2009 to 2012 of industrial listed companies in China,this paper uses a two-staged econometric method to examine the relationship between the government grants and firm RD efficiency by the way of financing constraints. Result finds that： government grants has significant negative effect on financing constraints; lowered financing constraints can significantly improve firm RD scale efficiency,but decrease the firm RD technology efficiency,and finally have slightly negative effects on the firm RD total efficiency.