Abstract: It’s important to industrial structure upgrading and economics growth in China for promoting the financial capital flowing to firm R&D and technology advancement. First, constructing theoretical mechnism of the boundary effect of financial development on firms’ two stage R&D investment, finds that the financial scale or financial efficiency that exceeds a certain boundary is not conducive to R&D decision or input. Second, using three stage DEA-Malmquist, quantile HECKIT and threshold panel, empirically finds that (1) double threshold exists in financial scale, lack of financial deepening or overexpansion is conducive to R&D investment. The extensive margin is more important for influence of financial development on firms’ R&D investment.(2) single threshold exists in financial efficiency, the improve of skill progress, pure skill efficiency, scale efficiency and total factor productivity is conducive to R&D investment. (3)The financial development boundary is higher for private firms and low-middle tech firms. Financial efficiency is an important way of overcoming the financial scale limit.

摘要： 强化市场机制在资源配置中的决定作用，促进金融资本支持企业创新投资是中国产业结构升级的关键。首先，本文从理论机理上梳理了金融发展对企业创新投资两阶段边界影响，认为超过一定边界的金融规模或金融效率不利于企业的创新决策和创新投资。其次，运用三阶段DEA-Malmquist指数、HECKIT模型和门限模型实证检验发现：（1）金融规模影响企业创新投资具有双门槛值，深化不足或过度扩张导致金融发展偏离企业创新投资过程，金融发展对企业创新投资影响更多体现在扩展边际，而非集约边际。（2）金融效率影响企业R&D投资具有单门槛值，金融业纯技术效率水平提升以及金融业前沿技术向前推移，越有利于企业创新投资。（3）金融发展边界相对于私企、中低技术企业更高。提升金融效率是跨越企业创新投资过程中规模瓶颈的重要途径。