中文摘要：

本文以2008—2015年我国制造业上市公司为研究对象，考察长期融资性负债、银企关系对企业R＆D投资的影响。研究发现，长期融资性负债对企业的R＆D投资存在约束效应，但当银企关系建立时，长期融资性负债能够促进企业的R＆D投资，存在显著的治理效应。进一步的区分产权性质进行实证检验，发现，长期融资性负债对R＆D投资的这种治理效应在最终控制人为非国有的上市公司更为显著。本文的研究表明：融资性负债对于企业的R＆D投资具有“双向”影响效应，融资性负债能否发挥对于企业R＆D投资的治理作用主要取决于其背后的作用机制。银企关系的存在有助于缓解银企之间由于信息不对称与委托代理问题导致的企业融资困境，降低企业获得银行信贷资金的难度，从而增加企业的R＆D资源投入量，提高企业研发资源的配置效率。

英文摘要：

Using the data of China manufacturing listed company from 2008 to 2015, this paper studies the impact of the long-term financing liabilities and the banking connecting on R＆D investment. The empirical results show that the long-term financing liabilities is significantly negative correlation to the enterprises＇ R＆D investment intensity. Long-term debt financing has a significant governance effect on R＆：D investment when banking connecting in the company. Compared to the state-owned listed companies, the governance effect in the non-state-owned listed companies is particularly significant. The conclusions of this paper find that financing liabilities have a ＂two way＂ effect on enterprises＇ R＆D investment. Tlle relationship between banks and enterprises will help to relieve problems between banks and enterprises due to information asymmetry and agency problems which lead to enterprise financing difficulties and reduce the difficulty of enterprises to obtain bank credit funds, thereby increasing the enterprise R＆D resource inputs, improve the efficiency of R＆D resource allocation.