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Abstract Based on the panel data of 2009-2016 year of Chinese technology listed companies,this paper analyzes the correction effect of investor sentiment on R&D input shortage from the perspective of the free cash flow and equity financing constraints.The results show that investor sentiment has correction effect on R&D investment shortage existing in science and technology enterprises; the smaller the financing constraints,the correction effect of the investor sentiment on R&D investment shortage will be more obvious while free cash flow effect on the correction effect is not obvious.Through the enterprise heterogeneity test,free cash flow in largesized or stateowned or mature technology enterprises will weaken correction effect of investor sentiment on R&D investment shortage; the smaller the financing constraints of the nonstateowned,young,smallsized science and technology enterprises,the more obvious is the correction effect of the investor sentiment on R&D investment shortage.
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| Fund:基金项目：教育部人文社会科学研究规划基金项目（17YJA630117）;国家统计局立项项目（2015LY68）;中国博士后科学基金面上项目（2015M570417）;江苏省教育厅高校哲学社会科学项目（2014SJB797）;江苏大学高级专业人才项目（14JDG102） |
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