通过对融资约束、不同金融机构功能优势以及基础研究、应用研究、试验开发三类研发活动特点的分析,阐释了金融发展对三类研发活动的影响机理,同时结合面板模型回归结果得到：银行中介对基础研究、应用研究、试验开发三类研发活动投资强度的促进作用依次增强,股票市场对三类研发活动投资强度的促进作用依次减弱。这反映了二者的风险偏好及对研发投资活动的风险承能力不同,较之于股票市场,稳定经营的银行更偏向离市场近、且风险小的研发投资。基于目前中国研发投资内部结构比例不合理的现状,实现科技与金融的合理有机结合、提高基础研究在研发投资中的比重,关键是完善国内金融市场、优化金融结构,提高研发资金的配置效率。

Based on the analysis of financing constraints, the function of different financial institutions and the futures of R D activities(basic research, applied research and experimental development), the impacting mechanism between financial development and R D activities is explained in this article. Combining with the results of the panel models, we get the conclusion: the promoting impact of commercial bank on R D activities(from basic research to experimental development) is enhancing in turn and the promoting impact of stock market is receding in turn. It reflects that the risk preference of them is different. Compared with the stock market, the commercial bank tends to choose to invest in the R D activity which is near the market and less risky. On account of the situation that the R D investment structure of China is unreasonable, the key to realizing the organic combination of science and technology and finance, increasing the proportion of basic research, is to improve the domestic financial market, optimize the financial structure and enhance the allocation efficiency of R D funds.

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国家自然科学基金项目（面上项目）：《R