Abstract: On the basis of distinguishing the different policies of financial flexibility, by taking the heterogeneity of R&D investment as foothold, this thesis verifies the relationship between the GEM listed companies’ choice of financial flexible policies and the R&D investment. The results indicate that from an overall perspective, different financial flexible policies exert different influences, i.e., the combinational financial flexible policy has a maximum improvement on the R&D investment, the pure debt flexibility policy may restrain the R&D investment, whereas the pure cash flexible policy can play a dominant preventive role under the conditions of higher financial risks. Various financing flexible policies function dissimilarly between high-tech enterprises and non-high-tech enterprises, indicating that faced with future liquidity resources, there exists a game between the real investment and R&D investment, and the power of the game is different between these two kinds of enterprises. The different state policies that enterprises are faced will affect the functions and conditions of the financial flexible policies; therefore, when choosing the financial flexible policy, the macro factors should be taken into consideration.

Key words: financial flexible policies; heterogeneity of R&D investment; GEM listed companies; cash holdings; debt financing flexibility