本文使用沪深两市2011-2013年期间严格披露了研发支出信息的企业作为样本，采用FHP（1988）模型和构建融资约束指数检验企业R&D投资中存在的融资约束，以及分析融资约束对R&D投入的影响。研究结果表明：企业R&D投资存在融资约束，并且融资约束制约了R&D投资；进一步分析融资约束在不同产权性质、不同产业性质企业中对R&D投资的影响。结果发现，国有控股企业R&D的融资约束小于非国有控股企业R&D的融资约束；高新技术企业R&D的融资约束大于非高新技术企业R&D的融资约束。本文的研究结果可为政府和市场提供靶向性的金额支持政策提供决策参考。

By using samples of listed companies which had disclosed R&D expense completely during 2011-2013, FHP（1988）model, and financing constraints index, This paper tested whether there are some financing constraints existing in R&D investment and how the financing constraints affect R&D investment. Then the total sample is divided into SOEs (state-owned enterprises) and non-SOEs according to the largest shareholder holding. Furthermore, it is also divided into high tech enterprises and non-high tech enterprises according to their industries. The main findings of this research are as follows: First, there exist financing constraints in R&D investment, which limits the R&D investment itself. Second, financing constraints in non-state-owned enterprises is more serious than state-owned enterprises. Third, financing constraints in non-high tech enterprises is more serious than high tech enterprises. The results of this paper can provide a reference for the government and the market to provide target finance policies.

广东自然科学基金“业务重构与企业绩效--基于R&D视角的实证研究”（2015A030310484）