Abstract: Using a sample of listed SMEs between 2007 and 2010,this paper investigate the relationship among financial slack and R&D investments and the moderating effect that institution environment impact on that relationship. The results show that: in general, firms' financial slack can improve R&D investments. Furthermore, that relationship varies depending on the presence of different types of owners and environment complexity.family ownership,institutional investors,and environment dynamic positively moderate the relationship between financial slack and R&D investments, whereas foreign investors and state ownership negatively moderate that relationship.

摘要： 以中小板上市公司为样本，对企业财务冗余与研发投资的关系以及制度环境对两者关系的调节效应进行了检验，实证结果显示：总体上来说，样本企业财务冗余是促进研发投资支出的；两者的关系受到企业所有权结构的影响，企业家族成员持股比例、机构投资者持股比例正向调节了财务冗余与研发投资的关系，外资持股比例、国有持股比例则不利于企业的财务冗余资源流向研发投资活动；另外环境的动态性正向调节了财务冗余与研发投资的关系。

关键词: 财务冗余 股权结构 环境 研发投资, financial slack, ownership structure, environment, R&D investments