Analysts’ Attention and R&D Expenditure: The Mediating Role of Financial Constraints

Analyst plays an important role in the development of enterprise. Meanwhile, during process this development, it is to gain financial support. Analysts' opinions can change public investors’ behavior and sentiments dramatically. However, relationship between three factors still waiting be discussed. This article focuses on analysts’ attention, corporate finance, innovation, using OLS Panel FE estimation methods analyze problem, finally concludes that attention reduce constraints then have a positive influence innovation. Moreover, compared with large company, middle small-sized enterprises are influenced more by attention. Based research result, proposed companies, especially and/ or should pay making third party (i.e., analysts) interested them increase their exposure among analysts public.