从自由现金流和股权融资约束出发,基于中国科技型上市企业2009-2016 年面板数据分析投资者情绪对R&D投入不足的校正效应.研究结果表明:投资者情绪对科技型企业R&D投入不足具有校正效应;股权融资约束越小,投资者情绪对科技型企业R&D投入不足的校正效应越明显;自由现金流对校正效应的影响显著.通过企业异质性检验发现,国有、成熟、大型科技型企业的自由现金流会削弱投资者情绪对R&D投入不足的校正效应;非国有、年轻、中小科技型企业受到的股权融资约束越小,投资者情绪对R&D投入不足的校正效应越显著.%Based on the panel data of 2009-2016 year of Chinese technology listed companies,this paper analyzes the cor-rection effect of investor sentiment on R&D input shortage from the perspective of the free cash flow and equity financing constraints.The results show that investor sentiment has correction effect on R&D investment shortage existing in science and technology enterprises; the smaller the financing constraints,the correction effect of the investor sentiment on R&D investment shortage will be more obvious while free cash flow effect on the correction effect is not obvious.Through the enterprise heterogeneity test,free cash flow in large-sized or state-owned or mature technology enterprises will weaken cor-rection effect of investor sentiment on R&D investment shortage; the smaller the financing constraints of the non-state-owned,young,small-sized science and technology enterprises,the more obvious is the correction effect of the investor senti-ment on R&D investment shortage.
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