创新研发是中医药企业发展的核心力量，而融资约束是制约企业投资的主要因素之一。因此，在中医药行业中融资约束是否会对研发投资产生影响是一个值得关注的问题。以2009—2018年我国A股上市中医药公司为样本，深入研究研发投入与融资约束之间的关系。研究结果表明，融资约束会对中医药企业的研发投入产生抑制作用；同时，政府的税收激励会缓解融资约束对研发投入的负面影响。对如何促进中医药行业的研发投入有一定的实践和政策性指导意义。

Innovation plays an important role in the development of the traditional Chinese medicine enterprises, whereas financing constraints may restrain the investment activities. Therefore, whether financing constraints may impact the R&D investment of traditional Chinese medicine enterprises is worthy of being studied. Based on a sample of listed A-share firms in traditional Chinese medicine industry from 2009 to 2018 in China, we investigate the relationship between financing constraints and R&D investment. It is found that financing constraints have a significantly negative effect on R&D investment. In addition, the tax incentives may moderate the negative relation between financing constraints and R&D investment. This study highlights the research on stimulation of R&D investment and provides valuable enlightenment to policy makers and regulators.

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澳门特别行政区科学技术发展基金资助项目（0037/2018/AFJ）；澳门科技大学基金资助项目（FRG-19-049-TISD）