资本错配、融资约束与企业研发投入

企业研发能够推动技术进步和创新，是当前我国供给侧结构性改革的核心动力。基于2010—2017年中国高新技术上市公司年报数据，检验资本错配和融资约束对企业研发投入的影响。结果发现：资本错配对企业研发投入存在抑制效应；融资约束不仅对企业研发具有直接负向影响，还会强化资本错配对研发投入的抑制效应，但上述融资约束的影响仅在非国有企业中存在，对国有企业没有显著影响。因此，针对不同所有制企业提供多渠道融资体系，提高资金配置效率，降低企业融资成本，有利于推动企业创新和供给侧改革。

Capital Misallocation,Financing Constraint and R&D Investment of Enterprise

Enterprise R&D, which can promote technological progress and innovation, is the core driving force of supply-side structural reform in China. Based on the annual report data of Chinese high-tech listed companies from 2010 to 2017, this paper analysed the effects of capital misallocation and financing constraints on R&D investment of enterprises. The research results show that: capital misallocation has inhibitory effect on R&D investment, and financing constraint not only has a direct negative impact on R&D, but also strengthens the inhibitory effect of capital misallocation on R&D investment. However, these effects of financing constraints exist only in non-state-owned enterprises, but not in state-owned enterprises. Therefore, providing multi-channels financing system for different ownership enterprises, improving capital allocation efficiency and reducing corporate financing costs, are conducive to promoting the innovation of enterprises and smooth implementation of supply-side reform.