Abstract: This article selected the empirical data from China's GEM listed companies from 2012 to 2017, based on the theory of financing constraints, and used regression analysis to explore the impact of corporate technology investment from the perspective of debt levels. The research results show that the input of technological innovation shows an inverted "U" trend with the increase of the asset⁃liability ratio. When the inflection point of the curve is reached, the incentive effect of the debt level on the input of technological innovation reaches a maximum.

Key words: GEM listed companies, Debt level, Technology innovation investment

摘要： 选取来自我国创业板上市公司2012—2017年的经验数据，基于融资约束理论，运用回归分析法，从债务水平的视角对企业技术创新投入的影响进行了探讨。结果表明，技术创新投入随着资产负债率的提高而呈现倒“U”型趋势，到达曲线拐点时债务水平对技术创新投入的激励作用达到最大。

关键词: 创业板上市公司, 债务水平, 技术创新投入