强化市场机制在资源配置中的决定作用，促进金融资本支持企业R&D投资是中国产业结构升级的关键。首先，构建金融发展对企业R&D投资阶段边界影响的理论模型，认为超过一定边界的金融规模或金融效率不利于企业的R&D决策和R&D投资。其次，运用三阶段DEA-Malmquist指数、HECKIT模型和门限模型实证检验发现：（1）金融规模影响企业R&D投资具有双门槛值，深化不足或过度扩张的金融规模不利于企业R&D投资。（2）金融效率影响企业R&D投资具有单门槛值，技术进步、纯技术效率、规模效率及全要素生产率提升有利于企业R&D投资。（3）金融发展对企业R&D投资影响更多体现在扩展边际。金融效率是跨越企业R&D投资过程中规模瓶颈的重要途径。

It’s important to industrial structure upgrading and economics growth in China for promoting the financial capital flowing to firm R&D and technology advancement. First, constructing theoretical model of the boundary effect of financial development on firms’ R&D investment, finds that the financial scale or financial efficiency that exceeds a certain boundary is not conducive to R&D decision or input. Second, using three stage DEA-Malmquist, HECKIT model and threshold panel, empirically finds that (1) double threshold exists in financial scale, lack of financial deepening or overexpansion is conducive to R&D investment. (2) single threshold exists in financial efficiency, the improve of skill progress, pure skill efficiency, scale efficiency and total factor productivity is conducive to R&D investment. (3) the extensive margin is more important for influence of financial development on firms’ R&D investment.