本文选取2010-2017年高端装备制造业上市公司的微观数据,考察了财政补贴、融资约束与研发投入之间的关系,研究结果表明：财政补贴对高端装备制造企业的研发投入强度具有显著的促进作用,且这种促进作用在国有企业、年轻型企业和成长型企业中更明显；而融资约束不仅直接对高端装备制造企业的研发投入强度产生了抑制作用,还抑制了财政补贴对高端装备制造企业研发投入的促进作用,且非国有企业、年轻型企业和成长型企业受到的这种抑制作用更强。

This paper selects the micro data of high-end equipment manufacturing listed companies in 2010-2017 to investigate the relationship between financial subsidies, financing constraints and R&D investment. The results show that: financial subsidies have a significant promoting effect on the R&D investment intensity of high-end equipment manufacturing enterprises, and this effect is more obvious in state-owned enterprises, young enterprises and growth enterprises; However, financing constraints not only directly inhibit the R&D investment. intensity of high-end equipment manufacturing enterprises, but also inhibit the financial subsidies to promote the R&D investment of high-end equipment manufacturing enterprises, and non-state-owned enterprises, young enterprises and growth enterprises are subject to stronger inhibition.

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国家社科“中国经济管理学科发展报告”阶段性成果,项目批准号：19FGLB026；河南省哲学社会科学规划项目“开放式创新、平台战略与河南先进制造业企业价值生态系统构建”,项目编号：2017BJJ059；河南省政府决策研究招标课题“河南省先进制造业企业技术创新网络构建研究”,项目编号：2017B018。