中文摘要：

本文利用世界银行的企业调查数据，将四大国有商业银行的市场份额作为金融要素市场化的代理指标，分析了金融要素扭曲对企业创新活动的影响。实证研究发现：金融要素扭曲对企业的研发投入和创新成果具有抑制作用，这种抑制作用在不同所有制企业间具有异质性，相比国有企业，私营企业的创新活动受金融要素扭曲的抑制作用更大。中小型企业的研发投入对金融要素扭曲的敏感性要高于大型企业，在过程创新中，金融要素扭曲对中小型企业的影响更大，但在产品创新中，金融要素的扭曲对大型企业的影响更强。本文为金融要素扭曲对经济增长有负面的影响这一论点，提供了来自企业创新的微观证据。因此，全面推进金融要素市场化改革有助于企业的创新活动，从而为国家经济转型提供持续创新与发展的动力。

英文摘要：

This paper investigates the impediment effects of financial factor distortions on enterprises innovation activities by utilizing World Bank investigation data on Chinese enterprises and choosing the market share of the big four state of commercial banks as financial distortions proxy variable. Empirical evidences show that： financial factor distortions can be impediment to both the enterprises＇ R＆D input and innovation output; the impediment effect are significantly different among the different enterprises; compared to the state of enterprises, private enterprises obtain much more impediment effect from the financial distortions. In terms of enterprise size, the sensitivity of R＆D investment to the financial factors distortion in the small and medium-sized enterprises is higher than that in the large enterprises. The impediment effect is stronger in the process innovation of the small and medium-sized enterprises, while the product innovation of the large enterprises is an opposite story. Therefore, promoting and accelerating the financial market reform has positive effects on the enterprises innovation activities, which could provide the solid foundation for persistent innovation and development during the period of economy transition in the country.