本文以2007–2012年我国A股上市公司为研究样本，从融资约束的视角，实证检验了企业境外上市对企业科技创新及其价值的影响。研究结果表明：企业选择在香港H股市场上市，缓解了企业的融资约束，对科技创新有促进作用。境外上市在国有、非国有企业中存在显著差异，即对国有企业的科技创新都具有显著的抑制作用，而对非国有企业有显著的促进作用。企业研发支出对企业盈利能力有显著促进作用，对企业的市场价值具有滞后一年的显著促进作用。

This paper empirically aims at testing how cross-listings would affect the technical innovation and the corporate value, based on China's A-share listed firms of 2007-2012, from the view of financing constraints. Our findings suggest the companies cross-listed in the HK's H-share have a positive impact on the technical innovation by easing the financing constraints. Cross-listing has a significantly difference between state-owned and non-state-owned enterprises. In other word, cross-listings and the technical innovation of the nationalized enterprises show a significantly negative relation, while the non-state-owned are the other way around. R&D spending would promote the ROA (Return on Assets) significantly and stimulate the Tobin's Q one-year-lagged.