Abstract：The paper analyzes the impacts of financing constraints on innovation decision-making of Chinese manufacturers based on the theoretical framework of financing constraints and innovation decision-making.Industrial enterprise database and listed company database are used with 2008,issuing year of Administrative Measures for Recognition of High-tech Manufacturers as dividing year.Moreover,role of institutional catering behavior are investigated.The Results show that innovation decision-making is significantly inhibited by financing constraints before the measures,while is promoted afterwards.This confirms that some manufacturers manipulate their R&D input to reach the meet the standard of the policy in order to obtain government subsidies.Therefore,institutional accommodation behavior distorts the negative impact of financing constraints and thus leads to a positive incentive effect.The incentive effect is particularly obvious in technology intensive enterprises and inland enterprises.
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