This paper carried on an empirical test for the relationship between government financial assistance and corporate R&D investment in the context of different financing constraints. The empirical results show that whether corporate has strong or weak financing constraints, government financial assistance has induced effects for corporate R&D investment. Compared with the corporate with strong financing constraints, the induced effects of government financial assistance perform better in corporate with weak financing constraints, and has nothing to do with the equity nature of the corporate;in addition, compared with the non-state-owned enterprises, the induced effects of state-owned holding enterprises are more sensitive to the strength of financing constraints.%本文在不同融资约束背景下对政府财政资助与企业研发投入的关系进行了实证检验。实证结果表明，无论融资约束强的企业还是融资约束弱的企业，政府财政资助对企业研发投入都具有诱导效应。与融资约束强的企业相比，政府财政资助对企业研发投入的诱导效果在融资约束弱的企业中表现得更好，且与企业的股权性质无关；此外，与非国有控股企业相比，国有控股企业的诱导效应对融资约束的强弱更加敏感。
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