Abstract：Using the panel data from listed companies,this paper empirically tests the financing constraints on the self-innovation of new materials industry and the regulation of industrial cluster degree.Main findings and conclusions of this paper are as follows.Self-innovation activities of new materials industry are facing significant credit constraints.However,industrial cluster degree has significant positive correlation with self-innovation investment as well as effectively eases the self-innovation financing constraints.Therefore,it would be the effective measures for sustainable development of new materials industry by further strengthening policy guidance and industry management,and actively cultivating new materials industry clusters with healthy competition and a good atmosphere of cooperation.Key words:Financing constraints;Self-innovation;Industrial clusters degree;New materials industry 参考文献:[1]李准锡,王立杰.发展我国新材料产业投资基金的思路与对策[J].科技进步与对策,2004,(3):23-25
王涛,刘雪萍,陈志军. 融资约束对中国新材料产业自主创新的影响[J]. 中国科技论坛, 2015(8): 111-110.
Wang Tao,Liu Xueping,Chen Zhijun. Empirical Research on the Effect of Financing Constraints on Self-innovation of New Materials Industry in China. , 2015(8): 111-110.
[1]李准锡,王立杰.发展我国新材料产业投资基金的思路与对策[J].科技进步与对策,2004,(3):23-25. Fazzari S M,Hubbard R G,Petersen B C.Financing Constraints and Corporate Investment[R].Brookings Papers on Economic Activity,1998,1:141-195. Laursen K,Salter A.Open for Innovation:the Role of Openness in Explaining Innovation Performance Among U.K.Manufacturing Firms[J].Strategic Management Journal,2006,27(2):131-150. Bushman R M,Piotroski J D,Smith A J.What Determines Corporate Transparency[J].Journal of Accounting Research,2004,42(2):207-252. 杨焕云.新材料行业上市公司研发信息披露探析[J].财会通讯,2011,(10):32-33. Chung W,Kanins A.Agglomeration Effects and Performance:a Test of the Texas Lodging Industry[J].Strategic Management Journal,2001,22(10):969-988. 罗正英.中小企业集群信贷融资:优势、条件与对策[J].财贸经济,2010,(2):31-36. Harrison A E,Love I,McMillan M S.Global Capital Flows and Financing Constraints[J].Journal of Development Economics,2004,75(1):269-301. Héricourt J,Poncet S.FDI and Credit Constraints:Firm Level Evidence in China.Economic Systems[J].2009,33(1):1-21.
2015, 
