Abstract: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.