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1、AbstractAbstractOnexistingliterature,whenconsidertherelationshipbetweenR&Dinvestmentandtradecredit,ignoringthatfinancingconstraintsmayhaveanimpactontherelationshipbetweenthetwo.Ononehand,financingconstrainsmayaffectcompany’smiddlemarketbehavior(forexample:R&Dinvestment).Ontheotherhan
2、d,itmayaffectweathercorporatecanobtainthefundsornot.But,howcompany’smiddlemarketbehavioraffecttradecreditindifferentfinancingconstrainshasbeenneglectedinpriorresearch.Inthispaper,weputforwardresearchhypothesisonthebasisoftheoreticalanalysisandthenexploringthemoderatingeffectoffinanci
3、ngconstraintsontherelationshipbetweenR&DinvestmentandtradecreditbyHierarchicalModeratingRegressionandSubgroupAnalysis.Atthesametime,setfinancingconstraintsasthethresholdvariabletoconstructedthepanelthresholdmodelbetweenR&Dinvestmentandtradecredit.Tryingtoanswerwhenandhowfinancingcons
4、traintsaffecttherelationshipbetweenR&Dinvestmentandtradecreditandhowmuchimpact.Therearesomeempiricalresultsasfollows:(1)Inthetermofdirecteffect,R&Dinvestmentispositivecorrelativewithtradecredit.(2)FinancingconstraintsdidhavepositivemoderatingeffectontherelationshipbetweenR&Dinvestmen
5、tandtradecredit.Furtherresearchshowthat:there’vedoublethresholdeffectbetweenR&Dinvestmentandtradecredit.Inotherwords,responseofrelationshiptoR&Dinvestmentandtradecreditisnon-linearindifferentfinancingconstraints.Tosaymorespecifically:(1)Whencorporatefacehighfinancingconstraints,thati
6、stosay,timesinterestearnedratiolessthanthefirstthresholdmethod,-23.13,therelationshipbetweenR&Dinvestmentandtradecreditwasnegativebutnotsignificant.(2)Whenfinancingconstraintswasinmediumrange,thatistosay,timesinterestearnedratiowasbetweentwothreshold-23.13~2.56,thereissignificantposi
7、tivecorrelationIIIAbstractbetweenR&Dinvestmentandtradecredit,atthelevelof1%andthemarginaleffectwas0.357.(3)Inlowfinancingconstraints,thatistosay,timesinterestearnedratioabovethesecondthresholdmethod2.56,thetwowaspositivecorrelationbutwithlittlestrength,themarginaleffectwasonly0.082.I
8、nall,therela
