以中国制造业上市公司2011—2013年的数据为样本，研究环境规制与融资约束两个因素单独及共同对企业研发投入的影响后发现，基于污染治理的环境规制对重污染企业的研发投入存在挤出效应，而基于能耗管理的环境规制显著促进了清洁生产企业的研发投入；融资约束显著影响企业研发投入强度，重污染企业研发投入主要依赖内源融资，而清洁生产企业研发投入主要依赖债务融资；融资约束对清洁生产企业研发投入的影响弱于环境规制。%Based on the data from 2011 to 2013 of Chinese manufacturing firms, the present essay systematically examines either the separate effect or the joint influence of environmental regulation and financing constraints on the R & D investment of Chinese local firms. Through the theoretical model, the study finds that that environmental regulation is an important factor in the impact of R & D investment, that pollution brings “crowding-out” effect, and that those environmentally sensitive industries tend to have lower level of R & D intensity. We also find that financing constraints can affect R & D investment, that the R & D investment of environmentally sensitive industries is mainly dependent on internal financing, that the clean production firms rely mainly on debt, and that the impact of environmental regulation on R & D investment of clean production firms is more significant than financing constraints.
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