本文以2010-2014年A股上市公司为样本，分析了企业参与影子银行活动对研发投入的影响，以及影子银行和不同企业规模对企业面临融资约束与研发投入之间关系的调节效应。研究表明：企业参与影子银行与研发投入呈正相关关系，相对于非国有企业，参与影子银行对国有企业研发投入提升更高；在大企业中，参与影子银行会缓解企业融资约束对研发投入的抑制作用，但并不显著。而在中小企业中，影子银行反而会显著加剧融资约束对企业研发投入的抑制作用。

In this paper, 2010-2014 A shares of listed companies as sample, analyzes the influence of shadow banking activities of enterprises to participate in the R D investment, as well as shadow banks and enterprises of different size of enterprises are facing the moderating effect of relationship between financing constraints and investment in research and development. The results show that: the shadow banking and investment in We use the 2010-2014 listed companies as sample to analyzes the influence of shadow banking activities of enterprises to participate in the R&D investment.Although shadow banks and enterprises of different size of enterprises are facing the moderating effect of relationship between financing constraints and investment in research and development. Research shows that: the enterprises involved in the shadow banking and investment in research and development are positively related, comparing with the non state-owned enterprises, involved in the shadow banking of the state-owned enterprises R&D investment to enhance higher; in large enterprises, involved in the shadow banking will ease the financing constraints on the inhibition of R&D investment, but not significantly. In small and medium enterprises, the shadow banking will significantly increase the financing constraints on corporate R&D investment inhibition. This shows that the enterprises involved in the shadow banking activities, although the overall increase in corporate R&D investment, but to play an inhibitory role in SMES.

F062.2

国家自然科学(71662029)、教育部人文社科项目(14YJA630097)、教育部“新世纪优秀人才支持计划”(NCET-11-0623) 郑建明(1971-),男,浙江玉环人,对外经济贸易大学国际商学院教授,博士生导师,经济学博士,研究方向：公司财务与资本市场研究。 1 许晨曦：国家自然科学(71662029)、教育部人文社科项目(14YJA630097)、教育部“新世纪优秀人才支持计划”(NCET-11-0623)。 许晨曦(1990-),男,山东临沂人,对外经济贸易大学国际商学院,博士研究生,研究方向：公司创新、环境业绩评价。 1 胡蕾 胡蕾(1990-),女,湖北荆州人,硕士研究生,立信会计师事务所湖北分所。 3