Financial Development,Financing Constrains and Firms' R&D Investment
利用2002-2006年中国上市公司数据，研究发现地区金融发展显著促进企业研发投资，尤其对小型和民营控股企业效果更强，但地方政府对金融系统的干预会削弱这一正向作用。
The financing resource for firms' RD investment is a key factor affecting the success of Firms' RD Investment Whether local financial development affects the available financing resource of firms' RD investment and boosts firms' RD investment is a much-needed research issue.In this paper we investigate the effect of local financial development on the firms' RD investment,using a rich data set of a large number of Chinese listed firms over the 2002～2006.There is evidence that regional financial development has a significant and positive effect on the firms' RD investment,particularly for small and private controlled firms.There is also some evidence that the positive effect of financial development on the firms' RD investment is hampered by local government intervention in financial system.