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创新是企业持久发展和国家经济进步的关键。之前，我国企业在发展过程中由于购买成品的花费比自己研发的投入少得多，并且研发也具有很大的风险，所以大多奉行的是拿来主义。现如今随着互联网时代的快速发展以及5G时代的来临，很多核心技术被西方国际“卡脖子”的现象凸显出来。现如今国际经济压力下行，我国面临国际市场环境的巨大压力情况，提出了一系列惠企政策，尤其是创新方面，国家大力支持企业创新，提高创新能力，期许企业能够自强不息，在产品和服务方面增强差异度、附加值。并且我国结构性改革依然需要不断深入，新旧动能转换也进入攻坚期，这都要求企业提高创新研发能力，跟上时代的潮流。所以研究如何增强企业的创新依然是一个热点。由于只有在研发上投入大量资金才会有创新产出，所以在研究过程中，普遍认为企业在研发方面的投入数额的多少一定程度上能够代表企业的创新研发强度。

本文主要是以企业财务宽裕状况为出发点来探究研发投入，财务宽裕作为影响研发投入的一个内部因素，能够直接对企业研发投入起到影响。在我们现今的市场中，不同企业之间以及不同产权性质的企业在筹集资金方面总会遇到一定的困难，且即使能够通过举债的方式筹集到资金也依然会受到债权人的一些限制和约束，从而致使企业会倾向于使用内部自由资金来保障研发项目的开展。财务宽裕度作为一个新出现财务概念，研究其经济后果的文献目前还较少，所以从财务宽裕度这一新的财务概念入手，研究其对研发投入的经济后果是有必要的。

本文选用2010—2020年深沪A股上市公司为样本，运用多元分析法探究财务宽裕度与研发投入的关系。由于研发的决策大多是由高管决定，所以在研究中国上市公司财务宽裕度对企业研发投入的作用的基础上，加入了高管货币薪酬激励这一中介变量，从高管受激励后的行为角度探究该作用机制。并在进一步研究中对不同产权性质的企业以及家族企业来分别研究在不同类别企业中财务宽裕度对企业研发投入的作用，同时检验中介变量能否起作用。研究显示：财务宽裕度能正向推动研发投入。高管货币薪酬激励在二者的关系中能够起到部分中介作用。研究成果对优化企业资本结构、合理构建薪酬激励制度、如何利用财务宽裕状况获取长期收益具有借鉴价值。

Innovation is the key to the sustainable development of companies and the progress of the country's economy. In recent years, in the process of development of Chinese companies, the cost of purchasing finished products was much less than the investment in their own research and development, and research and development also had great risks, so most of them pursued the doctrine of borrowing. Nowadays, The rapid progress of 5G technology has brought higher requirements to enterprises, many core technologies are highlighted by the phenomenon of "stuck neck" in the Western world. Now that the international economic pressure is declining, In order to boost the economy, my country proposes a series of preferential policies, international and domestic dual cycle, which also requires us to improve our innovation capabilities, Improve products and services, differentiate from competitors, increase own market share. In addition, my country's structural reform has entered a deep-water area, and the transformation of old and new kinetic energy has entered a critical period, which requires enterprises to improve their innovation and research and development capabilities and keep up with the times. Therefore, it is still a hot topic to study how to enhance the innovation of enterprises. To get innovative results, money must be invested in R&D projects. During research，it is generally believed that the amount of investment in R&D by an enterprise can represent the innovation and R&D intensity of the enterprise to a certain extent.

This paper mainly starts from a novel financial concept to study its impact on R&D investment. As an internal factor affecting R&D investment, the financial well-off studied in this paper can play a direct role in enterprise R&D investment. In our current market, different companies and companies with different property rights will always encounter certain difficulties in raising funds, and even if they can raise funds by borrowing, they will still be subject to some restrictions and constraints from creditors. As a result, companies tend to use internal free funds to ensure the development of R&D projects. Financial allowance is a new financial concept, and there are few articles on this type of research, so it is necessary to start from the new financial concept of financial allowance to study the economic consequences of R&D investment.

This paper selects A-share listed companies in Shenzhen and Shanghai from 2010 to 2020 as a sample, and uses multivariate analysis to explore the relationship between financial margins and R&D investment. Since executives are the main body of R&D decisions, the impact of financial margins on R&D investment is being studied, Adding the mediating factor of monetary compensation incentives, from the perspective of executives being motivated, the The mechanism of action was analyzed. In further research, we will study the effect of financial leeway on R&D investment in different types of enterprises for enterprises with different property rights and family enterprises, and verify the mediating effect of executive compensation incentives. Research shows that financial leeway has a positive effect on R&D investment. Monetary incentives for executives can play an intermediary role. This research is of great significance because companies can learn from this research to optimize their capital structure, reasonably constructing the salary incentive system, and how to use the financial surplus to obtain long-term benefits.