文章运用异质性随机边界模型定量测算融资约束影响中国上市公司研发投资效率低于最优效率程度。结果发现：2007-2014年样本公司研发投资效率平均为0.643,不同行业之间差异较为明显；企业债务融资有助于降低融资约束程度和导致未来融资的不确定性增加；内部融资能够降低融资约束程度未来融资的不确定性；股权融资可以降低未来融资的不确定性。

This paper estimates the R D investment efficiency and degree of deviation from the optimal efficiency under the influence of financial constraints. The results show that the average R D investment efficiency of research sample firms is 0.643 and there are significant differences of efficiency between industries during 2007-2014；although debt financing can reduce financial constraints,it will enlarge the uncertainties,the internal financing channel can reduce both financial constraints and uncertainties,while the equity financing can only reduce financial uncertainties.

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国家社科“资本成本锚定的国有企业投资效率提升机制研究”(15BJY013)；