Abstract: Due to requirement a massive and sustained influx of funding over a long period of time for Firms’ R&D investment, external equity financing resource for firms’ R&D investment is a key factor affecting. In this paper we at first theoretically analyses the impact of capital market on firms’ R&D investment. Subsequently, Using the dynamic panel Data on China’ high-tech listed firms with GMM Estimation; we empirically investigate external equity financing’s influence on high-tech firms’ R&D investment. The study finds that external equity financing offered by capital market has a positive effect on the firms’ R&D investment, particularly for small firms. This article gives new empirical evidence for it and insights into the microcosmic mechanism of the effect of Chinese capital market on the real economy

摘要： 企业研发投入需要大量资金长期持续性的投入，外部股权融资的获取是影响企业研发投入的关键因素。本文首先就资本市场对企业研发投入的影响进行了理论分析，然后基于中国高新技术上市公司动态面板数据，用系统GMM方法实证检验了外部股权融资对企业研发投入的影响。研究发现，资本市场提供的外部股权融资促进了高新技术上市公司的研发投入，并且这种正向影响对规模小的企业更为明显。因此，应鼓励研发密集型中小企业上市，以促进企业研发投入。

关键词: 资本市场 外部股权融资 企业研发投入, Capital market, External equity financing, Firms’ R&D investment