摘要：With the data of listed companies on SME board in 2014-2017, fi xed
eff ect model is utilized for testing the eff ect of leverage ratio on corporate
research and development expenditure of small and medium enterprises from
the perspectives of debt maturity, debt source, and innovation heterogeneity.
The empirical result reveals signifi cantly negative eff ects of leverage level on
corporate R&D expenditure of domestic SMEs, and such eff ects become more
obvious in enterprises engaging in exploratory innovation. From the perspectives
of debt maturity and source, extremely high short-term debt level and excessive
dependence on commercial credit as corporate fi nancing channels are the factors
in high leverage level restraining corporate R&D expenditure of domestic SMEs.
关键词：corporate innovation; social research; conventional innovation; risk;
dependence;
