The paper analyzes the influencing mechanisms of financial development on technological innovation modes and fur-ther discusses whether and how the ownership of firms affects these mechanisms. The results show that the credit market devel-opment promotes the self-dependent technological innovation more than stock market development does in China and this rela-tionship does not change due to the different ownership of firms. As far as state-owned enterprises are concerned, the promo-ting effects of credit market on self-dependent technological innovation in terms of R&D funds are bigger than those of stock market. On the contrary, stock market is more important for private enterprises. Generally, the financial development in China enhances both self-dependent innovation and imitative innovation more for state-owned enterprises than those for private firms.%运用中国高技术产业统计数据，实证分析了金融发展对不同技术创新模式的作用机制，并探讨企业所有权性质对这种作用机制是否存在以及存在何种影响。实证分析结果表明：我国信贷市场发展比股票市场发展对自主创新的促进作用更大，并且这种促进作用并不受到企业所有权性质的影响；信贷市场发展对于增加国有企业R&D经费进而促进自主创新的作用更大，而股票市场发展对于增加民营企业R&D经费进而促进自主创新的促进作用更大、更显著；我国金融发展对于国有企业的自主创新与模仿创新的促进作用较大，而对民营企业的促进作用相对较小。
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机译：公司治理结构对盈余管理的影响研究—基于民营类上市公司的实证分析 =The Influence of Corporate Governance Structure on Earnings Management at the Listed Non-State-Controlled Firms in China
