中文摘要：

本文基于异质企业的视角,通过修正新古典投资模型分析了企业研发投入、融资约束影响出口绿色技术含量的机理,并构建了企业层面的出口绿色技术含量指标,利用8万多组企业数据对此机理进行验证。得到的结论有：1.企业研发投入对出口绿色技术含量具有显著的正向影响,但私有企业的研发投入的效果要明显好于公有企业、非污染密集型企业的研发投入效果明显好于污染密集型企业。2.融资约束在企业研发影响出口绿色技术含量中具有调节作用,融资约束的这种调节作用在私有控股企业和非污染密集企业中较显著,但该调节作用在公有控股企业和污染密集性企业中不显著。

英文摘要：

Based on the perspective ＂heterogeneous enterprise＂, this paperanalyzes the mechanism among R＆D investment, fi- nancing constraints and green - tech content by modifying the neoclassical investment model, builds up a green - tech content in- dex in the enterprise level, and use more than 80 ,000 export enterprise data to test the mechanism. The main conclusions are as follows ： firstly, the R＆D investment has a significant positive impact on the green - tech content of Chinese exports, the R＆D effect of private holding companies is significantly better than state - holding companies, and the R＆D effect of non - pollution - intensive companies is significantly better than pollution - intensive companies ; and secondly, financing constraints has a modera- ting effect between R＆D and green -tech content at the overall level, and this finding also exists in private holding companies and non - pollution - intensive companies, but there is no such moderating effect in state - holding companies and pollution - in- tensive companies.